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Amazon begins storing payments data in India as per RBI norms: report

Amazon begins storing payments data in India as per RBI norms: report

Amazon begins storing payments data in India as per RBI norms: report
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By CNBC-TV18 Oct 30, 2018 9:27:37 AM IST (Published)

Retail e-commerce major Amazon has begun storing payments data in India locally without mirroring it in their overseas servers, in compliance with the recent Reserve Bank of India (RBI) norms, The Times of India reported.

Retail e-commerce major Amazon has begun storing payments data in India locally without mirroring it in their overseas servers, in compliance with the recent Reserve Bank of India (RBI) circular, The Times of India reported.

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The e-tailer is expected to achieve complete compliance over the next two weeks, people aware of the matter told the newspaper.
Despite the companies urging the central bank for some sort of relaxation in the norm, the RBI stood firm on the norms released in its April circular. The deadline for compliance was October 15.
RBI has not yet indicated any such penalty on companies that do not comply with the April circular, said the report and added that the regulator is closely tracking the development.
 
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