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Visa, MasterCard, PayPal and others seek more time to comply with RBI norms on data storage, says report

Visa, MasterCard, PayPal and others seek more time to comply with RBI norms on data storage, says report
Payment companies such as Visa, MasterCard and PayPal are expected to meet Finance Minister Arun Jaitley on Friday to seek more time to comply with the norms laid down by the Reserve Bank of India (RBI), The Economic Times reported.
The companies are seeking relaxation in RBI's order which mandates data storage within the country, the report said. In April, the central bank fixed a six-month deadline for the banks and payment firms to store all the transaction data of Indians within the country.
After the order, many payment companies had sought the permission for 'data mirroring', that is to store a copy of the data locally and one set of the data internationally. “Our key asks from FM Jaitley at the meeting will be knowing what the government stance will be and probably letting them know how difficult it is to implement the order,” unnamed executives of the data companies told ET.
“We expected RBI to be more consultative. They have always been very consultative. They promised they will issue a set of guidelines (FAQs) for the industry, which has also not come,” the source said, adding that the central bank has maintained a 'stoic silence over the issue'.
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