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Policies restricting data flow can act as roadblocks in expansion of Indian payments market, says USIBC

October 17, 2018
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According to US-India Business Council (USIBC), policies restricting flow of data can act as "barriers" to expansion of payment services in India, impacting both consumers and growth of Indian payments market. USIBC released its statement with reference to Reserve Bank of India’s (RBI’s) recent mandate that requires all payments companies to store the data generated in India within the country only.

The deadline to comply with RBI’s mandate was October 15, 2018.

So far around 80 per cent of the companies in the payment industry have complied with the RBI norms for storage of payments-related data. This includes Paytm and WhatsApp as well. However, some debit/credit companies have sought more time to comply by the norms.

USIBC has said that its members are willing to work with the Indian government to identify "the best path forward" for data storage issues with regard to payment companies operating in India.

According to USIBC, India must pursue policies that ensure its continuance as a hub for global services and brings in the best technology and operations for maturing payment needs of Indian consumers. Further, India's policies must reflect the interconnected relationships between Indian consumers and their service providers across the global marketplace.

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