gs1medium
Consider the following statements: The Reserve Bank of Indiaâs recent directives relating to âStorage of Payment System Data, popularly known as data diktat, command the payment system providers that
- 1.They shall ensure that entire data relating to payment systems operated by them are stored in a system only in India.
- 2.They shall ensure that the systems are owned and operated by public sector enterprises.
- 3.They shall submit the consolidated system audit report to the Comptroller and Auditor General of India by the end of the calendar year.
Which of the statements given above is/are correct?
- A.1 only
- B.1 and 2 only
- C.3 only
- D.1, 2 and 3
▶ Answer & Explanation
Correct answer: A. 1 only
The RBI's 'data diktat' mandates that all payment system data must be stored exclusively within India. This is to facilitate regulatory oversight and ensure data security. However, the directive does not mandate that these systems must be owned and operated by public sector enterprises, nor does it require submission of consolidated audit reports to the CAG by year-end.
Source: UPSC gs1 2019