- Completed RBI expires .. pub in international companies
- A letter from the US Senator to Modi
- Concerned that businesses will be affected
Data logicization is the process of conserving domestic users across the country. This is done by the RBI’s deadline for payment companies Monday. The center has refused to allow multi-national organizations to extend the deadline until December. This led to the increase in pumping in international companies. Any information related to the citizens of the country will be stored on servers in India. But there is a growing concern that this will adversely affect US businesses in India. In the past, some tech companies have requested the Center to relax data regulations for data logging. American senators John Corneon and Mark Warner are now up against it. ‘It is difficult to do business in India due to the provision of locally stored data. Are there any losses in servers that can save data when companies are doing all the necessary steps to keep the information secret? “The senators wrote to Prime Minister Narendra Modi.They warned that foreign investment would be affected.
Data is localization
Consumer information is stored in other country servers, while other companies operating in different kinds of financial institutions, payment agencies and other companies dealing with customers. This led to the consumer protection of personal information. In the Data Security draft bill, there are indications that the data should be stored on the domains on the domains. The Center is in the process of collecting public opinion on issues in the Personal Information Security Bill prepared by Justice Srikrishna Committee recommendations. RBI guidelines have been set up within 6 months with the intention of calculating the data as soon as it is settled. Global digital payment companies have been deadlocked until October 15 for domestic storage.
This localization affects international digital payments such as Visa, American Express, Facebook, PayPal, MasterCard, Google. While Watsap completed the process of local users’ access to the RBI guidelines, Google agreed. It said 64 companies in the country’s 80 payments services were willing to store data locally. Another 16 companies have been deadlocked. Companies such as Amazon, American Express, and Microsoft strongly oppose data logic.
How is the burden on international companies?
- International companies will have to set up centers in India to store data. This will cost heavily for infrastructure development.
- Since there are already centers in different parts of the world, it will have to work again.
- It is also an additional burden for those companies to use human resources in India.
- The collection of consumer information is complicated, not only payment companies, but also by all types of companies to store customer information locally, to market marketing strategies.
How is the gift of domesticity?
- Data firms in India will be easy when international firms set up data centers in the country as well as financial fraud and irregularities.
- Creating jobs like data analysts and scientists.
- This is a big boon for paying startup companies in India. Equity opportunities are available with other international organizations in business management.
RBI is a tendency to wait
The RBI has refused to allow multiple global payments companies to increase their value in the data logistics issue. It has been given 6 months’ time and it is no longer a work. Companies that have not yet set up centers in India have indicated that cloud information should be stored and transferred to India centers soon. In the meantime, the company has decided to wait for the wait.