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
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