New Delhi: With the government on Monday refusing to relax the Reserve bank of India’s (RBI) October 15 deadline for data localisation, as many as 80 per cent of industry players including Amazon, Alibaba and WhatsApp have complied with the data storage norms, PTI quoted official sources as saying. Also Read - Bank Holiday Alert: Banks to Remain Closed For Next 2 Days in These Cities | Full List Here
“In response to India’s payments data circular, we’ve built a system that stores payments-related data locally in India,” a WhatsApp spokesperson told IANS.
“WhatsApp payment is useful for people in their daily lives and we hope to expand the feature to all of India soon so we can contribute to the country’s financial inclusion goals,” the spokesperson added, without mentioning if the Facebook-owned company has finally submitted a compliance report sought by the RBI.
The Reserve Bank is not contemplating review of its notification on data localisation norms, the sources said.
In April, the central bank had given six months to global payment companies to store transaction data of Indian customers within India.
Although 80 per cent of the players operating in India have complied with the Reserve Bank directive, some global financial technology companies have reportedly sought an extension to the October 15 timeline.
“The RBI will look at things on a case-to-case basis from tomorrow while handling the subject,” one of the sources said, without mentioning if the central bank would take action or impose penalties for non-compliance.
In its April monetary policy review, the RBI had said that in order to ensure better monitoring of payment service operators it was important to have “unfettered supervisory access to data stored with these system providers as also with their service providers/ intermediaries/third party vendors and other entities in the payment ecosystem”.
“All system providers shall ensure that the entire data relating to payment systems operated by them are stored in a system only in India,” it had said.
The RBI had further said that data should include the full end-to-end transaction details, information collected, carried, processed as part of the message, payment instruction.
(With inputs from agencies)