RBI firm on data localisation; 80% of firms to comply by Oct 15 deadline

The remaining 16 companies, including major card companies, pleaded that they needed more time to comply, as the central bank was not in a mood to allow any leeway. In any case, customers will not be inconvenienced as services move to a cloud for the time being, said payments services providers. India, for example, is one of the first few foreign companies to store data exclusively in India, creating two mini-models of their global data centres. Various global firms, including Google and Mastercard, were initially vocal about their opposition to and said they believed in the open flow of data between countries. A source said the companies wanted to understand what would be the RBI’s action if they are not compliant within the deadline.

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