NEW DELHI (Reuters) – India’s finance ministry has proposed relaxing a directive from the country’s central bank to compel global payment firms to store customer data locally, a document seen by Reuters shows, following weeks of intense lobbying by U.S. companies and trade bodies.
The proposal comes as a relief for companies including MasterCard, Visa and American Express that fear India’s data onshoring move could cost them millions of dollars and set a precedent for other major governments to implement similar rules at a time when there is heightened scrutiny on how companies globally handle their customers’ data.
Foreign - Payment - Companies - Guard - April
Foreign payment companies were caught off guard in April by the Reserve Bank of India’s (RBI) one-page directive...
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