Debit-Credit cards of 90 crore people can be 'closed' within 24 hours
Monday - October 15, 2018 1:13 pm ,
Category : WTN SPECIAL
RBI necessitates to payment companies to stack of local data
Millions of people can be 'troubled' by the closure of the Debit-Credit card, eyes on RBI and government
OCT 15 (WTN) - There is a threat to debit-credit cards of nearly 90 crore people in the country. We are saying this because since today i.e., October 15, all debit-credit cards will be closed which are operated by the services of MasterCard, American Express and Visa card etc. The issue of closure of these cards is coming up because the companies have refused to accept the RBI's local data storage policy on behalf of these companies.
For your information let you know that the Reserve Bank of India had given 6 months relaxationto the companies offering debit-credit card and payment option that they should start local server for the data storage in India and follow all the guidelines.
According to the RBI's new guidelines, it is mandatory for every payment company to store the locale data connected with payment system and this rule is effective from tomorrow i.e. 16th October. According to information, currently 78 payment companies are working in India, out of which 62 have accepted the RBI guidelines.
Here, US President Donald Trump had said that the payment companies like Visa, Mast Card, had asked for interference in this case. At the same time, 16 companies have not considered the new rule, they argue that not the cost will be increased with the data storage capacity in India, but also the security of data will also be a big problem. According to these companies, it will take at least 18 to 24 months for them to store data and to create their own data centers in India; hence the RBI should increase its time.
Not only that, foreign payment companies had also asked the finance ministry for interference in this matter. But it seems that the RBI is not in the mood to retreat after its instructions, and it has made it clear that payment companies will have to accept new guidelines because they have already been given 6 months time.
Different responses are coming out in this case. According to information received from the media, Broadband India Forum has to say that by installing the server of data storage locally, it will increase the cost burden, which can have a negative impact on the economic growth rate of the country. Since this will be harmful to the government, therefore the government should take any intuitive.
If MasterCard, Amex, and Visa's Debit-Credit Cards are closed, then people will have the option of paying such as cash, net banking and mobile wallet in addition. Naturally, the closure of the ATM card will also cause people to lose cash. Most people still use their debit card to withdraw money from ATMs. It seems that if the RBI doesn’t give these companies some time off, then this decision will have a huge impact on about 90 crore people in the country.
OCT 15 (WTN) - There is a threat to debit-credit cards of nearly 90 crore people in the country. We are saying this because since today i.e., October 15, all debit-credit cards will be closed which are operated by the services of MasterCard, American Express and Visa card etc. The issue of closure of these cards is coming up because the companies have refused to accept the RBI's local data storage policy on behalf of these companies.
For your information let you know that the Reserve Bank of India had given 6 months relaxationto the companies offering debit-credit card and payment option that they should start local server for the data storage in India and follow all the guidelines.
According to the RBI's new guidelines, it is mandatory for every payment company to store the locale data connected with payment system and this rule is effective from tomorrow i.e. 16th October. According to information, currently 78 payment companies are working in India, out of which 62 have accepted the RBI guidelines.
Here, US President Donald Trump had said that the payment companies like Visa, Mast Card, had asked for interference in this case. At the same time, 16 companies have not considered the new rule, they argue that not the cost will be increased with the data storage capacity in India, but also the security of data will also be a big problem. According to these companies, it will take at least 18 to 24 months for them to store data and to create their own data centers in India; hence the RBI should increase its time.
Not only that, foreign payment companies had also asked the finance ministry for interference in this matter. But it seems that the RBI is not in the mood to retreat after its instructions, and it has made it clear that payment companies will have to accept new guidelines because they have already been given 6 months time.
Different responses are coming out in this case. According to information received from the media, Broadband India Forum has to say that by installing the server of data storage locally, it will increase the cost burden, which can have a negative impact on the economic growth rate of the country. Since this will be harmful to the government, therefore the government should take any intuitive.
If MasterCard, Amex, and Visa's Debit-Credit Cards are closed, then people will have the option of paying such as cash, net banking and mobile wallet in addition. Naturally, the closure of the ATM card will also cause people to lose cash. Most people still use their debit card to withdraw money from ATMs. It seems that if the RBI doesn’t give these companies some time off, then this decision will have a huge impact on about 90 crore people in the country.
