Govt, RBI promise to address concerns on data localization rule

New Delhi: The government and the Reserve Bank of India will address all the concerns of technology and e-commerce firms around India’s data storage and protection norms and new legislation that are in the pipeline, an official statement said on Tuesday. The assurance comes after commerce and industry minister Piyush Goyal met representatives of technology and e-commerce firms on Monday along with senior officials of various ministries and RBI deputy governor B.P. RBI had in April last year asked payments firms to adhere to data localization norms, suggesting these companies had to store data on Indian servers only. While foreign companies are adhering to RBI’s data localization rules, they have maintained that storing data on Indian servers would require setting up data storage infrastructure in the country, which would increase their costs.