Here is Question No. 87 a part of our series on UPSC Prelims 2019
Q87. 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
They shall ensure that entire data relating to payment systems operated by them are stored in a system only in India.
They shall ensure that the systems are owned and operated by the public sector enterprises.
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 statements given above is/are correct?
(a) 1 only
(b) 1 and 2 only
(c) 3 only
(d) 1, 2 and 3
Answer: A
Statement 1 is correct: The RBI’s recent directives command payment system providers that they shallensure that entire data relating to payment systems operated by them are stored in a system only in India.
Statement 2 is not correct: The systems are owned and operated by International payments services providers including foreign banks that have a small number of wholesale branches in India, and switch providers.
Statement 3 is not correct: The consolidated system audit report should be submitted to the Reserve Bank of India not to the Comptroller and Auditor General of India.
The audit would be conducted by CERT-IN empanelled auditors to certify that these payment system providers have complied with the above-mentioned directive
