International payment firms are on tenterhooks after Indian regulators announced new rules restricting transaction data storage, while also instructing all financial entities to sever ties with virtual currency users.
The Reserve Bank of India (RBI) published a policy statement on Thursday informing payment system operators that detailed instructions on data storage will be issued next week.
“It is observed that at present only certain payment system operators and their outsourcing partners store the payment system data either partly or completely in the country,” it said.
To continue reading...
Our Key Benefits
PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.
We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.
We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.