Consider the following statements: The Reserve Bank of India's recent directives relating to 'Storage of Payment System Data', popularly known as data diktat, command the payment system providers that 1. they shall ensure that entire data relating to payment systems operated by them are stored in a system only in India 2. they shall ensure that the systems are owned and operated by public sector enterprises 3. they shall submit the consolidated system audit report to the Comptroller and Auditor General of India by the end of the calendar year Which of the statements given above is/are correct?

Let's analyze the statements regarding the Reserve Bank of India's directives on 'Storage of Payment System Data' (often referred to as 'data diktat'), issued in April 2018: 1. They shall ensure that entire data relating to payment systems operated by them are stored in a system only in India. This statement is correct. The RBI's directive explicitly mandated that all payment system operators (both domestic and foreign) must ensure that the entire data relating to payment systems operated by them are stored in a system only in India. This was aimed at ensuring better regulatory oversight and data security. 2. They shall ensure that the systems are owned and operated by public sector enterprises. This statement is incorrect. The RBI's directive applied to all payment system providers, regardless of whether they were public or private sector entities. It did not mandate that the systems themselves must be owned or operated by public sector enterprises. 3. They shall submit the consolidated system audit report to the Comptroller and Auditor General of India by the end of the calendar year. This statement is incorrect. The RBI's directive required payment system operators to submit a System Audit Report (SAR) to the RBI, conducted by an empanelled auditor. It did not specify submission to the Comptroller and Auditor General of India (CAG). Therefore, only statement 1 is correct.