New Delhi, Oct 15 (IANS) The Centre and the Reserve Bank of India (RBI) will not extend the deadline for payment firms to implement the mandate to localise data, government sources said on Monday.
“The government is not in favour of extending the deadline for RBI’s data localization plan,” a source said. “The government is also not in favour of the data-mirroring idea.”
The development comes as the RBI’s deadline for the data localization ends on Monday.
The apex bank has mandated the storage of data generated by payment firms within the country. The payment firms were supposed to have submitted a compliance report on the same by October 15.