Location of the data: the government and the RBI are not in favor of extending the deadline of October 15

The government and the central bank are not in favor of extending Monday's deadline for the storage of local data by foreign payment companies, said one official.

The government will not stop under the pressure of international payment companies and it is unlikely that the RBI will extend the deadline of October 15 for the location of data, said the official.

"We are not in favor of extending." In addition, mirroring data is not an option, "said the reporters manager.

Data localization involves storing data on any device physically present within the borders of a particular country where the data was generated.

Two prominent US senators, John Cornyn and Mark Warner, have asked Indian Prime Minister Narendra Modi to adopt a moderate approach to localization of data, warning that Indian policy in this area would negatively affect business. located in the country.

"Data localization requirements, such as those contained in the Data Protection Bill and the draft National Strategic Framework for Electronic Commerce, will have negative effects on the ability of companies to business in India, can undermine your own economic goals and are unlikely to improve the data security of Indian citizens, "they said.

In April, the Reserve Bank gave international payment companies six months to store the transaction data of Indian customers in India. The deadline ends Monday.

Global financial technology companies have reportedly requested an extension of October 15.

Foreign payment companies would also have asked the RBI to allow data mirroring, which would also allow them to store a copy of the data abroad. The April RBI had stated that, to ensure better control of payment service operators, it was important to have "unlimited supervisory access to the data stored with these system providers, as well as their service providers / intermediaries / third-party providers and other entities in the payment ecosystem ". "All system vendors need to ensure that all the data about the payment systems they operate are stored in a system only in India," he said.

The RBI further stated that the data should include complete details of the end-to-end transaction, the information collected / transported / processed as part of the message / payment instruction.