Reserve Bank of India says foreign firms can process abroad, but must store data locally

FILE PHOTO: The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai, India, February 2, 2016. REUTERS/Danish Siddiqui/File photo

Foreign payment firms such as Mastercard and Visa can process transactions made in India outside of the country but the related data should be brought back for local storage within 24 hours, the Reserve Bank of India (RBI) said on Wednesday.

The announcement was made to clarify the central bank’s directive in April last year that mandated foreign firms to store their payments data “only in India” for “unfettered supervisory access”.

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