RBI's new data localisation directive for the Financial Industry

The dynamic and exponential growth of digital payments in India is pretty evident. Everyone, from the Government of India (BHIM) to global tech companies (Facebook, Google) to legacy banks (Axis, HDFC, et al) to a number of start-ups (PayTM, PayU, MobiKwik) have jumped into this space.

However, one pressing concern has been security in the digital payments ecosystem. Cyber-frauds, scams, and phishing attacks are one layer of the problem. The other is ensuring that appropriate cybersecurity controls are actually implemented by payment systems providers.

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