The Reserve Bank of India is unlikely to extend the October 15 deadline for the payments ecosystem players to set up a facility to store transaction-related data in India.
Of the 78 payment companies that have been allowed to set up and operate in India, so far, about 60 have already complied with the requirement to store their payments data in India. The central bank had issued a circular in April this year to all payment companies in the country, directing them to store payments and financial data of users locally within the country.
Those players that do not comply with the circular will face penalties and restrictions on operations. And the central bank reportedly is in “no mood to grant an extension”.
Source: The Hindu Businessline