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RBI fiat on payment system operators’ data
What has happened?
The Reserve Bank of India (RBI) has said all payment system operators’ data must be stored only within the country.
To ensure data access for supervision
- Deadline: The central bank gave the operators six months to comply with the directive.
- Access to data: The move is intended to give unfettered access to all payment data for supervisory purposes
Ind AS norms deferred
- The RBI also deferred the implementation of Indian Accounting Standards (Ind AS) for banks by one year
- Scheduled Commercial Banks (SCBs), excluding regional rural banks (RRBs), were required to implement Ind AS from April 1, 2018.
