GyanGramConsider the following statements: The Reserve Bank of India’s recent directives relating to ‘Storage of Paym…
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Consider the following statements:
The Reserve Bank of India’s recent directives relating to ‘Storage of Payment System Data’, popularly known as data diktat, command the payment system providers that
1. they shall ensure that entire date relating to payment systems operated by them are stored in a system only in India
2. they shall ensure that the systems are owned and operated by public sector enterprises
3. they shall submit the consolidated system audit report to the Comptroller and Auditor General of India by the end of the calendar year
Which of the statements given above is/are correct?
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• Correct Answer: A
• RBI's data storage directive mandates that all payment system data must be stored in systems located only in India.
• It applies to all authorized providers (private, foreign, fintech), not just public sector enterprises.
• System Audit Reports are submitted to RBI, not the CAG, making statements 2 and 3 incorrect.
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