RBI slams foreign banks on data rule

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In a recent communication, the RBI said that a majority of banks are yet to submit system audit reports certifying compliance to data storage norms even after three years since the issuance of the circular. It also said that many foreign banks have said that the audit norms did not apply to them and this was not acceptable. The central bank had asked banks to submit their compliance along with a plan of action on or before May 15, 2021.

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