Visa, Mastercard among cos set to miss RBI's deadline on data localisation

Visa Inc. and Mastercard Inc. are among international payment companies set to miss a Monday deadline for certifying their compliance with data localization requirements set by India’s central bank, people familiar with the matter said.

The two credit card giants have requested an extension of the deadline and a relaxation of the rules, citing operational difficulties and security concerns, the people said, asking not to be named as the information is not public.

In April, the Reserve Bank of India issued instructions that payments data should be stored within the country, in order to ensure better monitoring, and told all system providers