Reserve Bank of India directs payment operators to keep data within India

RBI has asked payment system operators to keep payment systems operated by them within the country. Payment system operators are given six months to make the necessary transition. The RBI also asked entities which are already into such services to stop providing the same within three months. On the other hand, the central bank directed all regulated entities including banks not to provide services to businesses dealing in virtual currencies (VCs) like bitcoins. It was announced by RBI Deputy Governor BP Kanungo in a press conference where RBI directed all regular entities not to provide services to business dealing in virtual currencies. The steps have been taken to protect consumer interest and check money laundering.