India says storing copies of foreign payment firms’ data a likely solution2 min read . Updated: 06 Aug 2018, 01:32 PM IST
The RBI's directive comes as more people in India are switching to plastic, partly driven by Prime Minister Narendra Modi government's decision to replace high-value currency notes in November 2016.
Foreign payment firms could keep copies of customer data in India while retaining offshore storage operations, the government said, as a way to resolve a row with MasterCard, Visa and American Express over the localisation of such information.
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