Google All Set To Comply With RBI Rules For Payment Services

Internet giant Google has agreed to adhere to the local data storage rules of the RBI for its payment services and has asked for some time until December month for compliance.
The RBI has asked all companies into the payment services business to store data in India by mid of October.

"Google during the US visit of Law and IT minister Ravi Shankar Prasad conveyed to him that they are ready to comply with RBI rules but want two months more to comply with data storage rule," an official source is quoted as saying in a PTI report.Ravi Shankar Prasad visited the headquarters of Google office in California in August end.

The Reserve Bank of India amid lingering concerns over data security is known to ask payment services companies to offer an update regarding the action taken in respect of storing transaction data every fortnight in the country.

The apex bank further said that currently "only certain" payment services companies and their outsourcing concerns are storing the transaction data in either full or partial in the country.

With PTI Inputs