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India proposes easing local data storage rules for foreign payment firms: document


India's finance ministry, in a meeting held in June with RBI officials and executives from payment firms, said that a possible solution could be that companies would be allowed to store data offshore, as long as a copy was kept in India. — Reuters

India's finance ministry, in a meeting held in June with RBI officials and executives from payment firms, said that a possible solution could be that companies would be allowed to store data offshore, as long as a copy was kept in India. — Reuters

NEW DELHI: India's finance ministry has proposed relaxing a directive from the country's central bank that would compel global payment firms to store customer data only locally, following weeks of intense lobbying by US companies and trade bodies.

Easing the proposal would be a relief for firms including MasterCard, Visa and American Express, which fear India's data onshoring move could cost them millions of dollars and set a precedent for other major governments to implement similar rules at a time when there is heightened scrutiny of how companies globally handle their customers' data.

   

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