RBI Data Localisation Norms

Question 1

What techniques is used in WhatsApp payments services?

Answer 1

Unified Payments Interface

Question 2

What is UPI?

Answer 2

Real-time payment system introduced in April 2016 developed by the National Payments Corporation of India Regulated by RBI.

Question 3

Enumerate data- localisation norms set by RBI.

Answer 3

1.Processing of payment transactions outside India is allowed, the Payment System Operators (PSOs) will have to ensure that data is stored only in India after the processing.
[PROCSSING BAHER CHALEL,PAN STORAGE BHARTAT]
2.In case the processing is done abroad, the data should be deleted from the systems abroad and brought back to India not later than the one business day or 24 hours from payment processing, whichever is earlier. The same should be stored only in India.
[ABROAD SYSTEM MADHUN DELETE DATA ; PROCESSING NANTAR 24 TASAT BHARTAT ANA DATA]
3.data stored in India can be accessed for handling customer disputes
4.payment system data may be shared with an overseas regulator if required, but with the approval of RBI
[DATA SHARE KARATA YEIL OVERSEAS REGULATOR LA ONLY IF RBI APPROVES]
5.Some banks, especially foreign, that had been permitted to store the banking data abroad may continue to do so. However, in respect of domestic payment transactions, the data shall be stored only in India

Question 4

Data Stored domestically should include what?

Answer 4

1. End-to-end transaction details and information related to payment or settlement transaction collected or processed as part of a payment.
2. Information such as customer name, mobile number, email, Aadhaar number, PAN number.
3. Payment sensitive data such as customer and beneficiary account details; payment credentials such as OTP, PIN, Passwords.

Question 5

What is NPCI?

Answer 5

Umbrella body for the operation of retail payment in India.

Question 6

Where is HQ of NPCI?

Answer 6

Mumbai

Question 7

What is objective of NPCI?

Answer 7

-consolidating and integrating various systems into nation-wide uniform and standard business process that can be used as a retail payment system.
[CONSOLIDATING RETAIL PAYMENT SYSTEMS]

-facilitating an affordable payment system that can help the common people during financial inclusion.
[AFFORDABLE PAYMENT SYSTEM BANAVANE]

Question 8

Which are the products of NPCI?

Answer 8

• Rupay card
• National Common Mobility Card
• Bharat Interface for Money (BHIM)
• Unified Payments Interface (UPI)
• Bharat Bill Payment System