According to reports, Google chief executive officer Sundar Pichai has assured Minister for info Technology and Law, Ravi Shankar Prasad, concerning Google’s intent to stick to the Federal Reserve bank of India’s (RBI) directions on storing info concerning financial payments in India.
“However it’s wanted a bit further time- between one and 2 months to befits the regulation”, a high IT ministry official same.
“We maintain that cross-border information flows these days square measure omnipresent and an important development for international economic activity and universal access to info. Soaring information flows should be totally thought-about whereas framing any policy”, the official superimposed.
Google chief executive officer as having explicit that “we can abide by all conditions that square measurebeing stipulated by the Indian government and regulators relating to the payments service”. this is oftenextremely vital considering the opposition voiced by international players relating to India’s informationlocalisation norms.
Concerning safety and security of the transactions and so as to own a stricter observance, on sixth of Gregorian calendar month, the run had issued a notification asking firms to store the information regarding money transactions inside Republic of India. firms had been asked to abide by fifteen Gregorian calendar month and it’s rumored that whereas Google has in agreement to store information inside
Republic of India, it’s wanted beyond regular time to abide by.
Earlier this year, Investment banking firm Credit Switzerland forecasted that digital payments can witness robust growth in Republic of India once the entry of world Players.
Among that Google may be a major player within the digital payments area and had launched ‘Tez’ last year to facilitate transactions over UPI (Unified Payments Interface) with twenty two million active users and 750 million transactions. The sturdy response to Google’s payment possibility resulted within the company re-positioning the service as ‘Google Pay’.
This looks to be a serious milestone achieved by Republic of India and NDA Government Era. The digital payments area in Republic of India is projected to grow chop-chop particularly with the recent entry of international players and Google’s acquiescence to Indian rules may pave the means for others to follow it.
According to the banking concern of Republic of India, digital payment firms are given a six-month point to make sure that each one ‘payment system providers’ ought to store all information concerning the payment systems in Republic of India solely. A ‘payment service provider’ as such as underneath the Circular, is any individual World Health Organization operates a certified payment system or a system that allows a payment between 2 persons, as per the provisions of the Payment and Settlement Systems Act 2007.
Source: Economic Times