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RBI seeks update on payments data storage every fortnight

RBI seeks update on payments data storage every fortnight

Finance
NEW DELHI: Amid concern around data security, the Reserve Bank of India is learnt to have asked payment services firms to provide an update on action taken by them to store transaction data in the country in every fortnight. "You are hereby advised to inform the status of ensuring compliance...The same shall be submitted by June 8, 2018, followed by an update on progress at fortnightly intervals thereafter," the RBI said in the letter referring to its order dated April 6, 2018. A payment bank official on the condition of anonymity confirmed receipt of the RBI letter. According to the order issued on April 6, all payment system providers including payments bank, payment gateways are required to ensure that full end-to-end transaction details relating to payment systems operated by them a...