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India: Announced directive on the storage of payment system data including data localisation requirement

Policy overview

Description

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

On 5 April 2018, the Reserve Bank of India announced a directive containing updated instructions on the storage of payment system data in their Statement on Developmental and Regulatory Policies. The directive will require all payment system provide…

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…