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Payments & FinTech Lawyer

India steps towards localisation of payment systems data

The Reserve Bank of India (‘RBI’) issued on 6 April 2018 a Notification on the Storage of Payment System Data, which requires amongst other things that all payment system providers ensure that all of the data relating to payment systems operated by them are only stored in a system in India. For the ‘foreign leg of the transaction,’ the data can also be stored in the foreign country, if required. Vaibhav Parikh, Aaron Kamath and Abhishek Senthilnathan of Nishith Desai Associates, discuss the new data localisation requirements in India relating to payment systems and the areas of ambiguity.

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