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India stores copies of data of foreign payment firms to a possible solution

India stores copies of data of foreign payment firms to a possible solution
India stores copies of data of foreign payment firms to a possible solution

The Government said that while maintaining offshore storage operations, foreign payment companies can keep copies of customer data in India, the government said on the localization of such information as a way to solve a line with MasterCard, Visa and American Express. .

In April, in a decision made by India's central bank that all payment data should be stored for "uncontrolled supervisory access" in the country within six months, due to the fierce lobbying by global companies, Will spend millions of dollars.

Secretary of India's Economic Affairs, SC Garg said that during the meeting with officials of the Reserve Bank of India and officials of the payment firms, the data copies in the country had emerged as a possible solution.

Garg told Reuters in an interview on Saturday, "Perhaps one of the emerging options in that meeting is probably a possible solution to mirror copies."

He said that the Reserve Bank of India had to make a final decision on this matter, but keeping the mirror images of data in India would mean that all customer information will be available to the local authorities.

RBI's instructions come as more people in India are switching to plastic, partly by the Prime Minister Narendra Modi government in November 2016, the decision to change high value currency notes, when the government has aggressively discouraged cash transactions. .

RBI data shows that in March, Indians used the 900 million credit and debit card to clock transactions of $ 52 billion (about 3.57 lakh crore), about the amount recorded in November 2016 Is double.

But increasing fraud is also a concern. In April, the RBI had said that the installment biological system in India has extended extensively, to guarantee the security and security of the information.

Garg said that the government was trying to find a consensus on localization of data at the time of an increased investigation into how the government handles the data of its customers globally.

They said, "What do we do, we listen to different stakeholders, what they say, what their attitude is and where we can find the landing zone ... This is the reason that mirror copies were suggested . "

Reuters had earlier stated that the Indian Ministry of Finance has offered to rest the RBI's instructions after weeks of intense lobbying by American companies and business bodies.

During the June meeting, representatives of the US Lobby Group US-India Business Council (USIBC) said that specially it would be a security risk to store data in India because it would not be used by anyone in case of a natural disaster. Was stored at the same place.

A strong economy

Garg said that India's solid monetary and financial execution ensured a sovereign rating update by driving rating offices including Standard and Poor's and repeated that the economy was unquestionably to accomplish the objective of financial shortfall of 3.3 percent for 2018/19.

"Certainly we want an upgrade, there is no question, everything is financially (financially)." He said that S & P would be able to assess India's sovereign ratings next month.

In November a year ago, S and P affirmed India's sovereign rating in "BBB Minus" with an enduring methodology. S and P has kept India in the most reduced speculation review since 2007, while Moody's Investor Services has overhauled India's FICO assessment to "B2", which is higher than S and P's evaluating.
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