American digital payments player PayPal is working with its partners on localisation of data as mandated by the Reserve Bank of India, said vice-president and head (engineering) of PayPal India Guru Bhat here on Tuesday.
“As part of our operating set-up in India, we work with a lot of partners and we are working with them with the proposal right now on how to enable this for the country,” he said when asked if Paypal is considering ‘data localisation’ as mandated by the RBI.
The RBI had, in April last year, asked payment firms to ensure their data were stored exclusively on local servers, setting a tight six-month deadline for compliance.
That deadline was said to have been missed by some foreign firms, including credit card giants Visa and Mastercard.
Policymakers in India believe storing data locally would help monitor and conduct investigations if the need arises.
“In all the markets that we are prevalent or operative in, our intent is to have a platform that is compliant across all those platforms. So we have the same approach for India and all the laws of the land we will comply with,” Mr. Bhat further said. PayPal also launched its third global technology centre here.
Published - July 23, 2019 10:29 pm IST
