 "RBI’s decision comes when the number of cyber-attacks, particularly in institutional and personal data theft, in the country and the world is reaching historic highs")
The Reserve Bank of India (RBI) has asked payment system operators to store the data they collect on transactions in India within databases located in the country.
The move will affect cross-border specialist payment operators and companies like VISA and Mastercard, say experts, because payment operators have to comply with the regulations in six months.
Under the Payment and Settlement Systems Act, 2007, there are 88 certified payment system operators, operating in various categories.
The RBI’s decision comes when the number of cyber-attacks, particularly in institutional and personal data theft, in the country and the world is reaching historic highs.
“Ensuring the safety and
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