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?
Show answer
Answer: A. Statement 1 is correct: RBI's April 2018 directive requires all payment system data to be stored only in India. Statement 2 is wrong: there is no rule that systems be run by public sector firms. Statement 3 is wrong: the audit report goes to the RBI, prepared by a CERT-In empanelled auditor, not to the CAG. So 1 only.
Watch for: The CAG is a familiar auditor, so students accept statement 3.
Why the other options are wrong
- B. Wrong because there is no public sector ownership requirement.
- C. Wrong because audit reports go to the RBI, not the CAG.
- D. Wrong because statements 2 and 3 are false.
Source to check: RBI notification 'Storage of Payment System Data', RBI/2017-18/153, 6 April 2018
Answer from the official UPSC key. Written and fact-checked by AI against the official key. Spotted a mistake? Report it.