Payment data to be stored in India: RBI

The RBI has stated that payment system providers are required to store entire payments data in a system only in India. RBI has released frequently asked questions (FAQ), following clarifications sought by Payment System Operators (PSOs), in which it stated that data processed abroad would have to be brought back to the country within 24 hours.

“The entire payment data shall be stored in systems located only in India,” RBI stated in the FAQ.

“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 RBI said.

The data could be pertaining to customer data like name, mobile number, Aadhaar number, PAN; Payment-sensitive data like customer and beneficiary account details; payment credentials like OTP, PIN and, transaction data such as originating and destination system information amount, among others.

The RBI had further made clarification that 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.