{"id":91707,"date":"2025-06-01T11:03:00","date_gmt":"2025-06-01T11:03:00","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=91707"},"modified":"2025-06-01T11:03:00","modified_gmt":"2025-06-01T11:03:00","slug":"consider-the-following-statementsthe-reserve-bank-of-indias-recent","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statementsthe-reserve-bank-of-indias-recent\/","title":{"rendered":"Consider the following statements:\nThe Reserve Bank of India&#8217;s recent"},"content":{"rendered":"<p>Consider the following statements:<br \/>\nThe Reserve Bank of India&#8217;s recent directives relating to &#8216;Storage of Payment System Data&#8217;, popularly known as data diktat, command the payment system providers that<\/p>\n<ul>\n<li>1. they shall ensure that entire data relating to payment systems operated by them are stored in a system only in India<\/li>\n<li>2. they shall ensure that the systems are owned and operated by public sector enterprises<\/li>\n<li>3. they shall submit the consolidated system audit report to the Comptroller and Auditor General of India by the end of the calendar year<\/li>\n<\/ul>\n<p>Which of the statements given above is\/are correct?<\/p>\n<p>[amp_mcq option1=&#8221;1 only&#8221; option2=&#8221;1 and 2 only&#8221; option3=&#8221;3 only&#8221; option4=&#8221;1, 2 and 3&#8243; correct=&#8221;option1&#8243;]<\/p>\n<div class=\"psc-box-pyq-exam-year-detail\">\n<div class=\"pyq-exam\">\n<div class=\"psc-heading\">This question was previously asked in<\/div>\n<div class=\"psc-title line-ellipsis\">UPSC IAS &#8211; 2019<\/div>\n<\/div>\n<div class=\"pyq-exam-psc-buttons\"><a href=\"\/pyq\/pyq-upsc-ias-2019.pdf\" target=\"_blank\" class=\"psc-pdf-button\" rel=\"noopener\">Download PDF<\/a><a href=\"\/pyq-upsc-ias-2019\" target=\"_blank\" class=\"psc-attempt-button\" rel=\"noopener\">Attempt Online<\/a><\/div>\n<\/div>\n<section id=\"pyq-correct-answer\">\nThe correct answer is A) 1 only.<br \/>\n<\/section>\n<section id=\"pyq-key-points\">\nThe Reserve Bank of India&#8217;s (RBI) directive on &#8216;Storage of Payment System Data&#8217; requires all system providers to ensure that the entire data relating to payment systems operated by them are stored in a system only in India. This is the core of the &#8216;data localization&#8217; mandate.<br \/>\n<\/section>\n<section id=\"pyq-additional-information\">\nStatement 2 is incorrect; the RBI directive applies to all payment system providers (including private companies, foreign entities operating in India, etc.) and does not mandate that the systems must be owned and operated by public sector enterprises.<br \/>\nStatement 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).<br \/>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Consider the following statements: The Reserve Bank of India&#8217;s recent directives relating to &#8216;Storage of Payment System Data&#8217;, 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 &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Consider the following statements:\nThe Reserve Bank of India&#8217;s recent\" class=\"read-more button\" href=\"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statementsthe-reserve-bank-of-indias-recent\/#more-91707\">Detailed Solution<span class=\"screen-reader-text\">Consider the following statements:<br \/>\nThe Reserve Bank of India&#8217;s recent<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1092],"tags":[1119,1120,1190],"class_list":["post-91707","post","type-post","status-publish","format-standard","hentry","category-upsc-ias","tag-1119","tag-economic-development","tag-money-banking","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Consider the following statements: The Reserve Bank of India&#039;s recent<\/title>\n<meta name=\"description\" content=\"The correct answer is A) 1 only. The Reserve Bank of India&#039;s (RBI) directive on &#039;Storage of Payment System Data&#039; requires all system providers to ensure that the entire data relating to payment systems operated by them are stored in a system only in India. This is the core of the &#039;data localization&#039; mandate.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statementsthe-reserve-bank-of-indias-recent\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Consider the following statements: The Reserve Bank of India&#039;s recent\" \/>\n<meta property=\"og:description\" content=\"The correct answer is A) 1 only. The Reserve Bank of India&#039;s (RBI) directive on &#039;Storage of Payment System Data&#039; requires all system providers to ensure that the entire data relating to payment systems operated by them are stored in a system only in India. This is the core of the &#039;data localization&#039; mandate.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statementsthe-reserve-bank-of-indias-recent\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-01T11:03:00+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Consider the following statements: The Reserve Bank of India's recent","description":"The correct answer is A) 1 only. The Reserve Bank of India's (RBI) directive on 'Storage of Payment System Data' requires all system providers to ensure that the entire data relating to payment systems operated by them are stored in a system only in India. This is the core of the 'data localization' mandate.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statementsthe-reserve-bank-of-indias-recent\/","og_locale":"en_US","og_type":"article","og_title":"Consider the following statements: The Reserve Bank of India's recent","og_description":"The correct answer is A) 1 only. The Reserve Bank of India's (RBI) directive on 'Storage of Payment System Data' requires all system providers to ensure that the entire data relating to payment systems operated by them are stored in a system only in India. This is the core of the 'data localization' mandate.","og_url":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statementsthe-reserve-bank-of-indias-recent\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2025-06-01T11:03:00+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statementsthe-reserve-bank-of-indias-recent\/","url":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statementsthe-reserve-bank-of-indias-recent\/","name":"Consider the following statements: The Reserve Bank of India's recent","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2025-06-01T11:03:00+00:00","dateModified":"2025-06-01T11:03:00+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"description":"The correct answer is A) 1 only. The Reserve Bank of India's (RBI) directive on 'Storage of Payment System Data' requires all system providers to ensure that the entire data relating to payment systems operated by them are stored in a system only in India. 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