Having no responsibility to audit members of UPI ecosystem: RBI
Having no responsibility to audit members of UPI ecosystem: RBI
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Reserve bank of India (RBI) has told the Supreme Court that it has no responsibility to conduct audit of members of the United Payments Interface (UPI) ecosystem and responsibility to ensure that private companies like Google and WhatsApp comply with norms lie with the National Payments Corporation of India (NPCI).

The RBI, in its affidavit filed in the Supreme court, also said that the matters related to data privacy and data sharing come under the domain of the central government. The RBI's affidavit, which also sought dismissal of the public interest litigation (PIL), was filed in the response of a plea of Rajya Sabha MP Binoy Viswam seeking direction to it to frame regulation to ensure that data collected on UPI platforms is not exploited or used in any manner other than for processing payments.

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A bench consisting of Chief Justice S A Bobde and Justices A S Bopanna and V Ramasubramanaian Thursday fixed the plea of the Rajya Sabha MP for hearing on February 1.

The affidavit said it is submitted that RBI's directions issued vide circular dated April 6, 2018 on storage of payment system data pertain only to payment date storage and not sharing or privacy. RBI has not issued any instructions on data sharing by Third-Party Application Providers or the participants of UPI. Matters related to data privacy and data sharing come under the domain of the Government of India.

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