At RBI’s door for reprieve: Bunch of foreign banks want ease of storing data, ask for mandate to be applied prospectively from Jan 2025

Foreign banks operating in India have requested the RBI to extend the compliance deadline for the 2018 data localization guidelines to January 2025. These guidelines require that all payment system data related to Indian customers be stored exclusively within India. The banks have already started complying with the rules for new transactions but face challenges in moving or deleting historical data stored abroad.