The Reserve Bank of India (RBI) circular which requires companies to maintain Indian transaction data within the geographical boundaries of India is a good step, said Vijay Shekhar Sharma, founder and CEO Paytm.
"It’s a good step. India has reached a stage where global companies or local companies can build systems within India," Sharma told CNBC-TV18.
“Financial system data is little sensitive for the country. We needed that to not bother about at a particular scale but now that we are in this technology and digital taking the centre stage of consumers’ data, it is important and very critical to keep it in India,” he added.