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While some payment companies are strongly protesting the Reserve Bank of India's mandate that they store all data locally by October 15, portraying compliance as costly and impractical, others support the move as a way to ensure data is protected.
In an effort to ramp up the fight against fraud, the Reserve Bank of India next year will launch a "Positive Pay" system of verifying information about checks with a value at $700 or more. Bank CISOs face the big task of securing the huge new flow of data.
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