Google ready to comply with RBI norms for payment services, confirms official

By: |
New Delhi | Published: September 10, 2018 8:17:40 PM

Internet major Google is learnt to have agreed to following the RBI's local data storage norm for payment services but wants time until December to comply with.

The RBI has directed all companies running payment services to store data in India by mid-October. (Reuters)

Internet major Google is learnt to have agreed to following the RBI’s local data storage norm for payment services but wants time until December to comply with.

“Google during the US visit of Law and IT minister Ravi Shankar Prasad conveyed to him that they are ready to comply with RBI rules but want two months more to comply with data storage rule,” an official source told reporters.

Prasad visited Google headquarters in California in August-end.

The RBI has directed all companies running payment services to store data in India by mid-October.

Amid concern around data security, the Reserve Bank of India is learnt to have asked payment services firms to provide an update on action taken by them to store transaction data in the country in every fortnight.

The banking regulator had further said that at present “only certain” payment system operators and their outsourcing partners store the payment system data either partly or completely in the country.

The order was issued at the time social media major Facebook faced a global backlash over breach of user data.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Facebook and Google feel chill from once-friendly Washington
2Nokia: Playing the value, legacy game
3Google CEO Sundar Pichai writes to Ravi Shankar Prasad, says free cross-border data flow to help startups