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Payments data should be stored in India, says RBI

Jun 26, 2019 20:16 IST

The Reserve Bank of India on Wednesday issued a directive saying that all data should be stored in India and data processed abroad should be deleted from foreign systems and be brought back to India in 24 hours. The central bank however added that there are no restrictions on processing of payment transactions outside the country by operators. RBI's diktat comes after several payment firms raised issues with the commerce ministry last week.