Friday, 24 March, 2023

RBI permits foreign banks to store limited data in servers abroad

<p>The RBI has permitted foreign banks to store certain types of data abroad, ending the three-year-long discussion on the subject. Foreign banks can now store names, addresses, some KYC details along with select transactions on servers abroad. Requests to allow phone numbers and &quot;purpose of remittance&quot; info to be stored abroad were turned down. RBI said it was necessary to have &quot;unfettered supervisory access&quot; to this info, to ensure security.</p> <p>&nbsp;</p>