‘Data storage rule may undercut AML’
Leading foreign banks in the country have appealed to the Reserve Bank of India (RBI) for allowing them to store certain transaction data overseas for spotting money-laundering deals and sanctions screening.
View: Google's push into Indian retail banking is a threat to traditional lendersThe environment is ripe for Silicon Valley to encroach into banking. Equitas doesn’t have a pre-existing relationship with the Google Pay customer to whom it’s marketing fixed-term products.
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