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It has been decided that:
· All
system providers shall ensure that the entire data relating to payment systems
operated by them are stored in a system only in India. This data should include
the full end-to-end transaction details / information collected / carried /
processed as part of the message / payment instruction. Where there is a foreign
leg to the transaction, the data can also be stored in the foreign country.
· This instruction
is to be complied within a period of six months and reported to the Reserve
Bank by October 15, 2018.
· System providers shall also submit the
System Audit Report (SAR) duly approved by their board to RBI by Dec 31st
2018. The audit should be conducted by CERT-IN empaneled auditors.
Based on RBI notification dated 6th April 2018. For any further
clarification, please visit www.rbi.org.in
...............Poppy
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