The biggest problem is a lack of transmission of institutional knowledge and a severe capacity deficit on the Indian side, which is sought to be masked by over-the-top petulance and jargon like ‘strategic autonomy’
The RBI and commerce ministry together with tax authorities and technology experts must define the data localisation issue.
The Reserve Bank of India (RBI) in April last year asked payment firms to ensure their data are stored exclusively on local servers, setting a tight six-month deadline for compliance.
The other areas of discussion also included threats from foreign competition and the need for a level playing field and impact of anti-competitive practices like predatory pricing.
M Saraswathy gets in a conversation with Moneycontrol's Vaibhavi Khanwalkar to find out more about the development.
India, with its population, massively used infrastructure, mobiles, e-commerce and now smartcities has humongous DATA volumes.
The regulator fears that access to such data could be blocked by another country in the event of a data war
To set better privacy standards, and achieve 'data democracy', Indian leaders will have to acquire real insights, and technological vision, in taming foreign data mercenaries, and in stopping an indigenous one from emerging
As India gets digitised, there is an urgent need for it to be made digitally safe as well. In this regard, some of the developments in 2018 need to be analysed and modified in 2019
Most major payment companies have already started looking at ways to deal with the likely tax implication, the report said
Watch the video to know what is data localisation.
Moneycontrol’s Sakshi Batra in conversation with Gaurav Choudhury, Deputy Executive Editor, Moneycontrol finds out what could be the implications on companies that have missed the RBI deadline.
Data localisation is an act of storing data on any device that is physically present within the borders of a particular country where the data was generated
Sakshi Batra is in conversation with Gaurav Choudhury, Deputy Executive Editor, Moneycontrol, to find out which companies will be hit the hardest by the RBI's data-localisation push.
While the ink has yet to dry on the final legislation, it appears that the government in this case appears to have perhaps acted hastily in creating the localisation provisions.
If the October 15 deadline passes without an agreement between the RBI and global payment companies on storage of payment data locally, credit cards and debit cards could be taken offline in a way that might be reminiscent of demonetisation
It is the potential of the Indian market that attracts global companies. This is an opportunity for the local ecosystem to change its outlook from services to products
Last Sunday, a letter written by Google chief executive officer Sundar Pichai surfaced in the media in which he called for 'free flow of data across borders'
The Bill, parts of which experts have said are modeled on the European Union's General Data Protection legislation, has been hailed as a step in the right direction.