Question
UPSC Prelims 2019 Question:
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 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?
Answer (Detailed Solution Below)
Option 1: 1 only
Detailed Solution
Explanation:
- Reserve Bank of India has issued a directive on ‘Storage of Payment System Data’ advising all system providers to ensure that:
- The entire payment data shall be stored in systems located only in India. So, statement 1 is correct.
- Directions are applicable to all payment system providers authorized/approved by the Reserve Bank of India (RBI) to set up and operate a payment system in India under the Payment and Settlement Systems Act, 2007. So, statement 2 is not correct.
- The System Audit Report (SAR), from a CERT-In empanelled Auditor, should inter-alia include data storage, maintenance of database, data backup restoration, data security, etc. So, statement 3 is not correct.
Therefore, option (1) is the correct answer.
Subject: Economics | Money and Banking
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