Consider the following statements: The Reserve Bank of Indias 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

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Q: 27 (IAS/2019)
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?

question_subject: 

Economics

question_exam: 

IAS

stats: 

0,78,77,78,28,29,20

keywords: 

{'payment system data': [0, 0, 0, 1], 'consolidated system audit report': [0, 0, 0, 1], 'data diktat': [0, 0, 0, 1], 'payment systems': [0, 0, 0, 1], 'payment system providers': [0, 0, 0, 1], 'entire data': [0, 0, 0, 1], 'reserve bank': [1, 0, 3, 4], 'systems': [3, 0, 0, 5], 'system': [8, 3, 7, 23], 'storage': [1, 0, 1, 2], 'auditor general': [3, 0, 2, 7], 'public sector enterprises': [0, 0, 1, 2], 'recent directives': [0, 0, 0, 1], 'comptroller': [13, 1, 5, 18], 'india': [8, 1, 7, 13]}

Option 1 only is correct.

The Reserve Bank of India’s directive on ‘Storage of Payment System Data’ commands payment system providers to ensure that entire data relating to payment systems operated by them are stored in a system only in India. It does not mandate that the systems are owned and operated by public sector enterprises or require the submission of a consolidated system audit report to the Comptroller and Auditor General of India.