UPSC Prelims 2019 Question:

Consider the following statements

The Reserve Bank of India’s recent directives relating to ‘Storage of Payment System Data’, popularly known as data diktat, command the payment system providers that

1. they shall ensure that entire data relating to payment systems operated by them are stored in a system only in India
2. they shall ensure that the systems are owned and operated by public sector enterprises
3. they shall submit the consolidated system audit report to the Comptroller and Auditor General of India by the end of the calendar year
   
   

Which of the statements given above is/are correct?

Explanation:

• Reserve Bank of India has issued a directive on ‘Storage of Payment System Data’ advising all system providers to ensure that:
  
  

• The entire payment data shall be stored in systems located only in India. So, statement 1 is correct.
  
  
• Directions are applicable to all payment system providers authorized/approved by the Reserve Bank of India (RBI) to set up and operate a payment system in India under the Payment and Settlement Systems Act, 2007. So, statement 2 is not correct.
  
  
• The System Audit Report (SAR), from a CERT-In empanelled Auditor, should inter-alia include data storage, maintenance of database, data backup restoration, data security, etc. So, statement 3 is not correct.
  
  

Therefore, option (1) is the correct answer.

Subject: Economics | Money and Banking