Payment Firms

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Govt to review data storage rules for payment firms; RBI assures industry representatives to look into the issue
Business

Govt to review data storage rules for payment firms; RBI assures industry representatives to look into the issue

The Reserve Bank of India (RBI) will look into concerns about data storage rules that have been raised by companies, a government statement said on Tuesday

Govt proposes easing local data storage rules for foreign payment firms after intense lobbying by US firms
Business

Govt proposes easing local data storage rules for foreign payment firms after intense lobbying by US firms

Easing the proposal would be a relief for firms including MasterCard, Visa, and American Express, which fear the country's data onshoring move could cost them millions of dollars and set a precedent for other major governments to implement similar rules at a time when there is heightened scrutiny of how companies globally handle their customers’ data.