Proposed plan for local data storage rules for payment in India

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India’s financial minister has proposed to complete a directive from the country’s central bank to compel global payment firms to store customer’s data locally. This proposal comes as a relief for companies including Master card, Visa and American express that fear India’s data on shoring 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 security on how companies globally handle their customer’s data.
Indian finance minister, in a meeting held in June 2018 with RBI officials and executives from payment companies, said that a possible solution could be that companies store a copy of the data in India as well as elsewhere.
The minister has also proposed clarifying the kind of data that needed to be stored and the time given to implement the directive.
The companies were most concerned about the directive to store the data only in India with restrictions on cross-borders storage or movement.