The Reserve Bank of India’s recent directives relating to ‘Storage 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 directive on storage of payment system data mandates that all payment system operators must store all data related to their operations exclusively within India. This is to ensure better regulatory oversight and data security. However, the directive does not specify that these systems must be owned and operated by public sector enterprises, nor does it mandate submission of audit reports to the CAG; such reports are typically handled internally or through other auditing mechanisms.
Source: UPSC gs1 2019