More generally, as long as innovations are compensated with appropriate market determined pricing, maintaining consistency in regulation would encourage innovation and enable absorption of new technology non-disruptivly. Customer Protection 10. Experience has taught us that market forces are unsuited to protect consumer interest in the absence of regulation.
Whether it is the derivatives market or the LIBOR setting, unregulated markets eventually lead to outcomes that are inefficient for customers. RBI's guidelines on storage of payments data are intended to secure users' payment data.