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ARTICLE · 03 AUGUST 2021

Guidelines For Storage Of Payment Data

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In a recent development, the Reserve Bank of India (RBI) barred American Express Banking Corp. and Diners Club International Ltd. from onboarding new customer from May 01, 2021.

IndiaFinance and Banking
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In a recent development, the Reserve Bank of India (RBI) barred American Express Banking Corp. and Diners Club International Ltd. from onboarding new customer from May 01, 2021. The order has been passed by RBI due to non-compliance with its directions and guidelines on the Storage of Payment System Data.

Storage of Payment System Data- RBI

With the advancement in technology and a drastic increase in digital payments, there is a significant increase in the data being shared through such digital transactions. There is a need for supervision by authorities to safeguard the access and storage of such data.  In order to have unrestricted supervisory access to the data stored by such global players, the Reserve Bank of India (RBI) issued guidelines1 on April 6, 2018 on Storage of Payment System Data.

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