Consider the following statements: The Reserve Bank of India’s recent directives relating to Storage

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:they shall ensure that entire data relating to payment systems operated by them are stored in a system only in India.they shall ensure that the systems are owned and operated by public sector enterprises.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?

Accepted Answer

The Reserve Bank's directive related to Storage of Payment System Data provides 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. For the foreign leg of the transaction, if any, the data can also be stored in the foreign country, if required.System providers shall ensure compliance of (i) above within a period of six months and report compliance of the same to the Reserve Bank latest by October 15, 2018.System providers shall submit the System Audit Report (SAR) on completion of the requirement at (i) above. The audit should be conducted by CERT-IN empaneled auditors certifying completion of activity at (i) above.The SAR duly approved by the Board of the system providers should be submitted to the Reserve Bank not later than December 31, 2018.Hence, only statement 1 is correct.