The ATM card effected today from the useless, master-visa card and American Express card user
Do you have a MasterCard, American Express, Visa card, just stay a minute. Today, all of these cards ATM Card Expire and stop running on October 15, 2018. These companies provide services in India for ATM / Debit Card and Credit Card. Apart from these, payments on Facebook, PayPal, Amazon, Microsoft and other foreign payment companies affected. This will be due to refusal to accept RBI’s local data storage policy on behalf of these companies. The Reserve Bank of India (RBI) had given these companies a deadline of 6 months, so that they should set up the server of data storage in India and follow the guidelines.
US President Donald Trump had said that payment companies such as Visa, MasterCard had intervened on the issue of local data storage in India. These companies say that the cost of local data storage will increase significantly and they can not easily follow the process.
Master-visa and American Express ATM Card Expire
Under the new guidelines of RBI, it is mandatory for every payment company to have local storage of data related to payment system, which is going to be effective from October 16. There are 78 payment companies working in India, 62 of which have accepted the RBI guidelines. These include e-commerce companies like Amazon, What’s app and Alibaba.
The RBI denied further delay
The 16 companies which have not considered the new rule, say that the data storage system in India will not only increase the cost of the cost but will also raise questions about the security of the data. He had asked the RBI to increase this time limit further. Large and foreign payment companies also asked the finance ministry to intervene in this case. RBI has clearly said that payment companies will have to accept new guidelines. These companies have already given 6 months time.
The government formed by the committee
On the recommendation of a high level committee under the chairmanship of Retired Justice BN Srikrishna, the government had sought suggestions on the draft of the Personal Data Protection Bill. The last date for suggesting September 10, which increased to 30 September 2018. The Committee on Data Protection had submitted its report to the Central Government in July 2018.
The impact on the economy will be
Although the Broadband India Forum (BIF) says that due to compulsory data localization can have an impact on the economic growth rate of the country, the government should show generosity in it. According to BIF, data localization will increase the cost burden, which can have an impact on the economy. The forum said, “BIF demands the government to consider showing greater attitude of generosity in the last bill of data security.”