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Description

Adopted directive on the storage of payment system data including data localisation requirement

On 6 April 2018, the Reserve Bank of India adopted a directive containing updated instructions on the storage of payment system data. The directive requires all payment system providers to store the payment data only in India. The data subject to the localisation requirement includes full end-to-end transaction details, such as information collected, carried and processed as part of the payment instruction. If the transaction involves a foreign entity, the data can also be stored in the foreign country if required by the other country's regulations. All systems must comply with the directive within six months and report compliance to the Reserve Bank by 15 October 2018, as well as the System Audit Report (SAR) approved by the Indian Computer Emergency Response Team before 31 December 2018.

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Scope

Policy Area
Data governance
Policy Instrument
Data localisation requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
central bank

Complete timeline of this policy change

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2018-04-05
under deliberation

On 5 April 2018, the Reserve Bank of India announced a directive containing updated instructions on…

2018-04-06
adopted

On 6 April 2018, the Reserve Bank of India adopted a directive containing updated instructions on t…

2018-10-06
in force

On 6 October 2018, the data localisation requirement outlined in the directive on the storage of pa…

2018-10-15
in force

On 15 October 2018, the compliance reporting requirement with data localisation outlined in the dir…