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?
1 only
1 and 2 only
3 only
1, 2 and 3
Answer is Right!
Answer is Wrong!
This question was previously asked in
UPSC IAS – 2019
Statement 3 is incorrect; the payment system providers are required to submit the System Audit Report to the RBI, not the Comptroller and Auditor General (CAG) of India. The CAG audits government accounts and public sector undertakings, not typically the compliance reports of private payment system providers submitted to the regulator (RBI).