Question
Consider the following statements:
The Reserve Bank of India's recent directives relating to ‘Storage of Payment System Data', popularly known as data diktat, command the payment system providers that
1. They shall ensure that entire data relating to payment systems operated by them are stored in a system only in India
2. They shall ensure that the systems are owned and operated by pubic sectore enterprises
3. They shall submit the consolidated system audit report to the Comptroller and Auditor General of India by the end of the calendar year
Which of the statement given above is are correct
(a) 1 only
(b) 1 and 2 only
(c) 3 only
(d) 1, 2 and 3
Answer:
A
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Explanation:
1. Statement 1 is correct. The RBI's directive requires payment system providers to ensure that all data related to payment systems they operate in India is stored in a system located within the country. This is aimed at ensuring the security and sovereignty of payment data.
2. Statement 2 is incorrect. The RBI's directive does not mandate that the systems storing payment system data must be owned and operated by public sector enterprises. The ownership and operation of such systems are not specified in the directive.
3. Statement 3 is incorrect. The requirement to submit the consolidated system audit report to the Comptroller and Auditor General of India is not mentioned in the RBI's directive on storage of payment system data.