PAYMENTS DATA

June 27, 2019

The Reserve Bank of India (RBI) has clarified that payment system providers need to store entire payments data in a system only in India.

About:

Following clarifications sought by Payment System Operators (PSOs), RBI has released frequently asked questions (FAQ).
In this, RBI clarified that the entire payment data shall be stored in systems located only in India.
In case the processing is done abroad, the data should be deleted from the systems abroad and brought back to India within one business day or 24 hours from the payment processing, whichever is earlier.
The data should include end-to-end transaction details and information pertaining to payment or settlement transaction that is gathered/transmitted/processed as part of a payment message/instruction.
The data could be pertaining to customer data like name, mobile number, Aadhaar number; Payment-sensitive data like beneficiary account details; payment credentials like OTP, PIN and, transaction data such as originating and destination system information amount.