This article is more than 1 year old.

Payment companies seek simpler norms for data localisation

Payment companies have raised concerns on the complexity of RBI circular on data localisation in a meeting held with Commerce and Industry Minister Piyush Goyal and RBI Deputy Governor B P Kanungo on Monday and have sought simpler norms, industry sources told CNBC-TV18.
In the meeting, issues with regards to mirroring, sharing of data were discussed, said the above-mentioned sources.
The meeting was attended by Indian and foreign IT, e-commerce firms and other stakeholders to discuss issues related to online trade and data localisation.
Clarifying its stand to e-commerce and IT companies, the RBI said that if data generated in India is sent abroad for processing, it has to be brought back within 24 hours, said the sources.
The commerce ministry emphasised that data generated in India must be used for India's development needs and asked the companies to get back with feedback on all issues related to the sector within the next 10 days.
"India will not allow multi-brand retailing by foreign companies in e-commerce space," said the ministry.
It further said that Press Note 2 of 2019 on e-commerce is a clarification of existing policy and not a new policy, adding that the government will not tolerate predatory pricing in e-commerce platforms.
Among those who attended the meeting was Mastercard Global CEO Ajay Banga, who joined the meeting via video conference, the sources added.
The meetings dwell on a string of issues including opportunities in the growing digital economy, understanding data flows from four aspects — privacy, security, safety and free choice, the commerce ministry had said in a statement on Monday.
The draft national e-commerce policy has proposed setting up a legal and technological framework for restrictions on cross-border data flow and also laid out conditions for businesses regarding collection or processing of sensitive data locally and storing it abroad.
According to the sources, another round of meetings on e-commerce policy is likely this week.
(Inputs from PTI)

Market Movers

CompanyPriceChange%Loss
Larsen1,503.45 -16.25
HDFC Life682.60 -6.65
SBI Life Insura988.10 -9.45
IndusInd Bank1,015.10 -9.25
Divis Labs4,334.50 -38.05
CompanyPriceChange%Loss
Larsen1,502.75 -16.30
IndusInd Bank1,015.45 -8.20
Bajaj Finserv11,898.45 -93.15
Bharti Airtel540.90 -4.15
ICICI Bank635.60 -4.55
CompanyPriceChange%Loss
Larsen1,503.45 -16.25 -1.07
HDFC Life682.60 -6.65 -0.96
SBI Life Insura988.10 -9.45 -0.95
IndusInd Bank1,015.10 -9.25 -0.90
Divis Labs4,334.50 -38.05 -0.87
CompanyPriceChange%Loss
Larsen1,502.75 -16.30 -1.07
IndusInd Bank1,015.45 -8.20 -0.80
Bajaj Finserv11,898.45 -93.15 -0.78
Bharti Airtel540.90 -4.15 -0.76
ICICI Bank635.60 -4.55 -0.71

Currency

CompanyPriceChng%Chng
Dollar-Rupee73.06750.01500.02
Euro-Rupee88.6170-0.3020-0.34
Pound-Rupee103.3670-0.1950-0.19
Rupee-100 Yen0.6656-0.0022-0.34