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 public sector 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 statements given above is/are correct?
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A hard Economy multiple-choice question from UPSC Prelims 2019. Attempt it above, then check the correct answer and detailed explanation below.
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Correct answer: A. 1 only
Only statement 1 is correct — the RBI directive requires payment-system data to be stored only in India. It does not require the systems to be owned by public sector enterprises, nor is the audit report submitted to the CAG (statements 2 and 3 are wrong).
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