Google ready to comply with RBI norms for payment services

Internet major Google is learnt to have agreed to follow the RBI's local data storage norm for payment services but wants time until December to comply with, according to a government source.

"Google during the U.S visit of Law and IT minister Ravi Shankar Prasad conveyed to him that they are ready to comply with RBI rules but want two months more to comply with data storage rule," a government source told.

Prasad visited Google headquarters in California in August-end where he met Google CEO Sundar Pichai.

Google runs digital payment services in the name 'Google Pay'.

The company has claimed 22 million people use the platform every month and 750 million transactions have been made with USD 30 billion in annual run rate of transaction value.

The Reserve Bank of India (RBI) has directed all companies running payment services to store data in India by mid-October.