UPSC Previous Year Question | Prelims GS | 2019

Consider the following statements: The Reserve Bank of India's recent directives relating to 'Storage of Payment System Data', popularly known as data diktat, command the payment system providers that 1. they shall ensure that entire data relating to payment systems operated by them are stored in a system only in India 2. they shall ensure that the systems are owned and operated by public sector enterprises 3. they shall submit the consolidated system audit report to the Comptroller and Auditor General of India by the end of the calendar year Which of the statements given above is/are correct?

  1. 1 only
  2. 1 and 2 only
  3. 3 only
  4. 1, 2 and 3

Answer

Correct Answer

1 only

Explanation

The RBI's 2018 directive requires payment system providers to store the entire payment data only in systems located in India. It does not require the systems to be owned by public sector enterprises, and the audit report has to be submitted to the RBI (not the CAG).

Topics: banking and digital payments, indian economy, rbi regulations, storage of payment system data (data localisation)