RBI Data Localization Audit (SAR)

The RBI Data Localization Audit (SAR) is an audit conducted by the Reserve Bank of India to ensure that payment gateways and payment aggregators comply with the data localization requirements set by the RBI. The paper’s major points should be summarised and explained to readers in a research paper conclusion. Although conclusions are not always presented as new information omitted in the article, they often recast problems and provide a fresh perspective on this subject. The Reserve Bank has taken several initiatives to upgrade payment systems, increase their safety and efficiency, regulate and monitor payment systems, improve market infrastructure for security and effective transactions, and encourage innovation and acceptance of e-payments.

For the Reserve Bank of India to be able to regulate and supervise payment schemes in India, it has a statutory mandate from the 2007 Payment and Settlement Systems Act. The RBI has also conceptualized a lightweight payment and settlements system, called a “bunker” equivalent of digital payments, that can be operated from anywhere by a bare minimum staff in exigencies such as natural calamities