Financial privacy must be recognised in India
3 years, 5 months ago

Financial privacy must be recognised in India

Hindustan Times  

Does one grain of sand make a ‘heap’? In a recent article linked below, this linguistic conflation in the context of ‘financial privacy’ is examined in the context of India’s technology and financial sector laws governing the vast field of ‘fintech’, including public and private financial institutions, regulators, government bodies and ministries, and financial institutions like banks, insurance companies, pension funds and credit information registries, in addition to several other like bodies. The article, therefore, suggests that the regulation of financial data in India would have to be connected with matters of both personal, financial, and interrelated non-financial information, and be imagined distinctly as ‘financial privacy’. Given the growing body of literature on the clear social and economic benefits emanating from the institution of privacy enhancing legislation across the world, and India’s own rich jurisprudence stating the same, it is hoped that financial regulators, but more specifically RBI will welcome a distinct data protection law. The lack of a separate data protection law in India, combined with an absence of a cross-sectoral financial consumer protection law creates both an urgent need, and an opportunity for the government and RBI to reframe the discourse to seek linguistic clarity and assert a right to privacy for financial consumers, and prevent sorites paradox from being taken to its natural absurd conclusion.

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History of this topic

India to introduce new legal framework for data privacy, free data flow: Piyush Goyal
1 month ago

India to introduce new legal framework for data privacy, free data flow: Piyush Goyal

Live Mint  

New Delhi, Novemeber 22 : Union Minister Piyush Goyal announced that India is set to bring in a new legal framework to ensure data privacy while promoting the free flow of data among trusted global partners. The minister stated this during his address at the UK India Business Council's 'UK-India Technology Futures Conference' held in New Delhi on Thursday. In …

Deloitte India partners with Securiti to enhance data privacy and compliance solutions
1 month ago

Deloitte India partners with Securiti to enhance data privacy and compliance solutions

Live Mint  

Deloitte Touche Tohmatsu India LLP has announced a strategic partnership with data privacy and security company Securiti to address growing challenges in data governance, privacy, and compliance. Notably, the collaboration combines Deloitte India’s domain expertise with Securiti’s technology platforms to deliver tailored, end-to-end security solutions for businesses navigating increasingly complex regulatory requirements. The act adds to the compliance obligations businesses …

Let’s plug a privacy loophole in India’s account aggregator system
1 month ago

Let’s plug a privacy loophole in India’s account aggregator system

Live Mint  

As regular readers of this column will know by now, I have long advocated the benefits of embedding regulatory principles directly into digital infrastructure. India’s Account Aggregator system has been built around a technology construct—referred to as the ‘consent artefact’—that embodies these privacy principles in a digital format. Since the principles of notice, purpose specification, retention restrictions and data minimization …

Cyber-Secure India: A Collective Effort to Protect Citizens from Digital Crimes
1 month, 2 weeks ago

Cyber-Secure India: A Collective Effort to Protect Citizens from Digital Crimes

Hindustan Times  

Cybersecurity is a top priority for the Indian government, with the country witnessing a surge in digital connectivity and a corresponding rise in cybercrimes. However, authorities have been proactive in safeguarding citizens from these threats, disconnecting fraudulent mobile connections and blocking over ₹2,400 crore in suspicious transactions. The government has also launched an indigenously developed International Incoming Spoofed Calls Prevention …

Digital credit users aware of privacy concerns, but don’t do much to prevent intrusion: Study
3 months, 2 weeks ago

Digital credit users aware of privacy concerns, but don’t do much to prevent intrusion: Study

The Hindu  

As digital financial services are seeing a surge in India, a recent study conducted by International Institute of Information Technology, Bangalore and CUTS International has found that majority of users of these services are aware of the privacy concerns but a majority of them are neutral about the steps they would take for preventing any privacy intrusions and harms caused …

The impact of technology on finance: Enhancing experiences and safety
8 months, 2 weeks ago

The impact of technology on finance: Enhancing experiences and safety

Hindustan Times  

The proliferation of financial technology and digital banking services has revolutionised the financial landscape, making access to finance more convenient and inclusive. The prominence of fintech platforms and the increasing digitalisation of banks have democratised financial services, expanding access beyond metropolitan cities. There is a significant increase in instances of fraudsters posing as employees of fintech platforms, attempting to obtain …

Financial inclusion can reduce gender gaps in India
8 months, 2 weeks ago

Financial inclusion can reduce gender gaps in India

Hindustan Times  

Surpassing the United Kingdom and France, India has become the world’s fifth largest economy. PREMIUM Gender Equality {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} Financial inclusion plays a crucial role in advancing the economic empowerment of women, which is a key objective outlined in the fifth Sustainable Development Goal concerning gender equality. Despite the country’s initiatives aimed at enhancing financial inclusion, significant disparities …

Corporate boards should foster a culture of data privacy in organizations
9 months, 2 weeks ago

Corporate boards should foster a culture of data privacy in organizations

Live Mint  

The digital age has ushered in a new era of responsibility—to safeguard the core of our online existence: our data. In acknowledging the role of data privacy being integral to corporate governance and risk management, the board has a crucial role in not only ensuring that the enterprise meets legal obligations, but also establishing a bedrock of trust under its …

Why customer protection is central to financial inclusion
9 months, 4 weeks ago

Why customer protection is central to financial inclusion

Hindustan Times  

Imagine the following scenario. Raja can “cash out” and receive the value of his investment, but then he will forfeit the life insurance amount that his family would have earned upon his death. Raja would be better off buying a term life insurance policy, which would not promise any investment returns but only a single payout to his family in …

Harmonizing Horizons: Unravelling Digital Lending Regulations in a Global Context
11 months ago

Harmonizing Horizons: Unravelling Digital Lending Regulations in a Global Context

Live Law  

Driven by technical improvements and improved internet access, digital lending is on the rise in India with the goal of improving financial inclusion. The Consumer Financial Protection Bureau plays a pivotal role in enforcing federal consumer protection laws, recently issuing guidelines tailored for digital lending platforms. United Kingdom Within the United Kingdom, oversight of digital lending platforms falls under the …

India's Data Revolution: Unpacking the DPDPA 2023 and Ensuring Accountability
1 year ago

India's Data Revolution: Unpacking the DPDPA 2023 and Ensuring Accountability

The Quint  

It is crucial to establish mechanisms that hold the government accountable as a data custodian, said Dr Kislay Pandey, a leading corporate lawyer of India. Specific measures need to be taken to explicitly regulate emerging technologies like AI and tapping into their potential to bolster data protection. He further said, “To ensure the efficacy of data protection and privacy regulation …

The Art of A Good Unicorn | Startup founders, be careful as data is more liability than asset now
1 year, 1 month ago

The Art of A Good Unicorn | Startup founders, be careful as data is more liability than asset now

Hindustan Times  

India has become a rapidly evolving digital landscape where technology reigns supreme. And therein lies the rub: The need for accountability and data protection brewing in Internet startups handling data in India’s burgeoning startup ecosystem. And so, in August 2023, India’s Rajya Sabha passed the Digital Personal Data Protection Act 2023 to redefine how digital personal data is processed. Or …

How safe is our personal health data with the Indian government? | In Focus podcast
1 year, 1 month ago

How safe is our personal health data with the Indian government? | In Focus podcast

The Hindu  

Just about a month ago, Rescurity, an American cyber security firm, said that personal information of 815 million Indians was being sold on the dark web. The All India Institute of Medical Sciences – AIIMS in Delhi has also been hit by cyber attacks – in one ransomware case, the hackers took over the servers, encrypted the data, and made …

Classifying intermediaries in the upcoming DIA
1 year, 1 month ago

Classifying intermediaries in the upcoming DIA

Hindustan Times  

The enactment of the Digital Personal Data Protection Act of 2023 reflects a concerted effort to establish an Open, Safe, Trusted, and Accountable internet ecosystem. With the data protection regime nearly finalised all eyes are on the Digital India Bill to achieve the objectives of Open, Safe, Trusted and Accountable online space. As the Government works towards this transition from …

Navigating the complex landscape of data privacy laws in India
1 year, 3 months ago

Navigating the complex landscape of data privacy laws in India

Hindustan Times  

In an era where data is hailed as the "new oil," the need for strong data privacy laws has never been more critical. India, too, has stepped up its game in this regard with the introduction of the Digital Personal Data Protection Act, 2023. Compliance with data protection laws, such as the Digital Personal Data Protection Act, 2023 in India, …

Word choice in India’s data protection law and a dilution of rights
1 year, 4 months ago

Word choice in India’s data protection law and a dilution of rights

The Hindu  

After years of going back and forth on its contents, India finally has a data protection law, i.e., the Digital Personal Data Protection Act, 2023. In the search for an answer to this question, we need to look at two basic features of any data protection law: the use of personal data with consent and without it. As decades of …

Explained: India's new Digital Personal Data Protection framework
1 year, 4 months ago

Explained: India's new Digital Personal Data Protection framework

Hindustan Times  

A new law that defines how companies should process users' data came into force with the President giving assent to the Digital Personal Data Protection Act passed by Parliament in the just-concluded monsoon session. Digital Personal Data Protection law has been notified by government. Entities must protect personal data in their possession by taking reasonable security safeguards to prevent a …

Paytm CEO says data protection bill ‘well articulated’, calls it ‘progress of our digital economy’
1 year, 4 months ago

Paytm CEO says data protection bill ‘well articulated’, calls it ‘progress of our digital economy’

Hindustan Times  

Paytm founder and CEO Vijay Shekhar Sharma on Friday took to X to praise the Digital Personal Data Protection Act, stating that it has been “well articulated” and that “it is progress for India's digital economy,” tagging Union minister Rajeev Chandrasekhar and the IT ministry. The Digital Personal Data Protection Bill, 2023, which curbs the misuse of personal information by …

President Gives Assent To Digital Personal Data Protection Act 2023
1 year, 4 months ago

President Gives Assent To Digital Personal Data Protection Act 2023

Live Law  

The President has given assent to the new the Digital Personal Data Protect, Act 2023 on Friday. The Bill seeks “to provide for the processing of digital personal data in a manner that recognises both the right of individuals to protect their personal data and the need to process such personal data for lawful purposes.” It applies to the processing …

Satire India new Digital Personal Data Protection Bill, 2023 policy highlights
1 year, 4 months ago

Satire India new Digital Personal Data Protection Bill, 2023 policy highlights

The Hindu  

First of all, kudos to the Mother of Democracy for setting new world records every day for fastest-ever law-making. Did you know the Digital Personal Data Protection Bill, 2023 zipped through Parliament faster than a bullet train? There was no nonsense like ‘informed consent’ because they knew that all individual streams of data merge eventually with the Annadata — ‘the …

Legal framework for privacy as RS clears digital data bill
1 year, 4 months ago

Legal framework for privacy as RS clears digital data bill

Hindustan Times  

The Rajya Sabha passed the Digital Personal Data Protection Bill, 2023 on Wednesday, clearing the way for what will be the first legal framework for privacy, close to six years after it was held as a fundamental right for Indians by the Supreme Court. While it is unlikely to take long for the bill to receive presidential assent — at …

Data market’s future hinges on regulation
1 year, 4 months ago

Data market’s future hinges on regulation

Hindustan Times  

In 1776, when Adam Smith — arguably the most ardent champion of market economics — argued in favour of the invisible hand, there was no telephone, no broadband and no digital data coursing through cables or air waves. Several economists, including Hal Varian, the chief economist of Google, are swayed by the efficiency hypothesis while others liken data to oil …

India passes data protection legislation in Parliament. Critics fear privacy violation
1 year, 4 months ago

India passes data protection legislation in Parliament. Critics fear privacy violation

Associated Press  

NEW DELHI — Indian lawmakers Wednesday approved a data protection legislation that “seeks to better regulate big tech firms and penalize companies for data breaches” as several groups expressed concern over citizens’ privacy rights. The legislation will limit cross-border transfer of data and provide a framework for setting up a data protection authority to ensure compliance from tech companies, Information …

Indranil Banerjie | A Law to Protect Citizens, Or To Help in State Snooping?
1 year, 4 months ago

Indranil Banerjie | A Law to Protect Citizens, Or To Help in State Snooping?

Deccan Chronicle  

In today’s digital age, privacy is a chimera -- the reality is that every intimate detail of our lives, from our eating and spending patterns to medical and financial details, are digitally recorded in some computer somewhere in the vast cloud and can therefore be potentially exposed. The idea of a digital data protection law had become imperative given the …

DPDP gives people command over their personal data: EY
1 year, 4 months ago

DPDP gives people command over their personal data: EY

The Hindu  

The Digital Personal Data Protection Bill will empower data principals to have command over their data, said Lalit Kalra, Technology Partner, EY India. “The Bill gives more power to individuals especially in the context that for many years, organisations and various platforms have been collecting personal data of individual citizens,” he told The Hindu. Further explaining the additional rights the …

Money bill vs normal bill: Govt refutes rumours around Data Protection Bill
1 year, 4 months ago

Money bill vs normal bill: Govt refutes rumours around Data Protection Bill

Live Mint  

Narendra Modi-led government is all set to introduce the digital personal data protection bill in Lok Sabha on Thursday. According to Lok Sabha MP Manish Tewari, the Digital Personal Data Protection Bill is set to be brought to Parliament, classified as a Financial Bill. As per media reports, the government has confirmed that the Digital Personal Data Protection Bill being …

Indians raise concerns over data compromises by govt and telcos: Report
1 year, 4 months ago

Indians raise concerns over data compromises by govt and telcos: Report

India TV News  

Ahead of the expected tabling of the Digital Personal Data Protection bill in Parliament on August 3, a new report highlights the concerns of Indian citizens regarding data breaches. Among those who believed their personal data had been leaked, 72% mentioned their mobile numbers, 63% cited email addresses, 53% referred to Aadhaar numbers, and 50% indicated PAN card numbers. Regarding …

New Data Protection Bill receives Cabinet's green light: Here's all you need to know
1 year, 5 months ago

New Data Protection Bill receives Cabinet's green light: Here's all you need to know

India TV News  

India's ongoing efforts to protect privacy and personal data have gained significance in light of the Supreme Court's recognition of privacy as a fundamental right under Article 21 of the Constitution. The need for a robust data protection law became apparent following incidents of data breaches and unauthorized use of personal information by entities before stricter regulations were imposed globally. …

India’s shield of privacy should reflect Article 21
1 year, 5 months ago

India’s shield of privacy should reflect Article 21

Live Mint  

The monsoon session of Indian Parliament will likely take up a bill framed in response to the Supreme Court ruling of 24 August 2017 that said privacy is a fundamental right. The Digital Personal Data Protection Bill, a draft of which was published last year to replace an unwieldy earlier proposal, got Cabinet approval this week as part of the …

Fix govt accountability for personal data leaks
1 year, 6 months ago

Fix govt accountability for personal data leaks

Hindustan Times  

Privacy – that elusive fundamental right – is again under the spotlight with reports of a possible breach of CoWIN data of individuals. Two provisions under the Information Technology Act, 2000 – Section 43A and Section 72A – encompass personal data protection in India. Pursuant to the Puttaswamy judgment of 2017, the central government released multiple drafts of the proposed …

DC Edit | CoWIN data leak breach of trust, must be probed
1 year, 6 months ago

DC Edit | CoWIN data leak breach of trust, must be probed

Deccan Chronicle  

Media reports of a purported breach of crucial data of most, if not all the, beneficiaries, meaning most of the Indians citizens who got vaccinated for Covid, or nearly a billion-odd people, are not only unfortunate if found to be true, but also raise a serious issue concerning the trust of all citizens sharing any data with the government across …

Understanding the current state of crypto assets in India
1 year, 8 months ago

Understanding the current state of crypto assets in India

Live Mint  

It is a sweeping wave for some and a conundrum for others but crypto is the new buzzword in the world of investment finance. On the whole, the government seems to be accepting crypto and the underlying blockchain technology rather than casting them away as ‘risky’ or even ‘banning’ them. Banking is still not a breeze given RBI’s concerns The …

10 Important Data Protection Practices To Keep In Mind For A Startup In India
1 year, 9 months ago

10 Important Data Protection Practices To Keep In Mind For A Startup In India

Live Law  

Recent years have seen a digital boom worldwide resulting in the explosion of digital data collection and distribution. In this regard, the Digital Personal Data Protection Bill 2022 has been proposed which will ensure fair use and disposal of digital personal data collected online and offline in India and also outside India by companies offering goods and services to individuals …

Budget 2023 | Finance Minister proposes amendments to banking laws
1 year, 10 months ago

Budget 2023 | Finance Minister proposes amendments to banking laws

The Hindu  

The Union Budget has proposed certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act to improve bank governance and enhance protection of investors. To build the capacity of functionaries and professionals in the securities market, the Securities and Exchange Board of India will be empowered to develop, regulate, maintain and enforce …

Budget: New DigiLocker and KYC will simplify digital identity requirements
1 year, 10 months ago

Budget: New DigiLocker and KYC will simplify digital identity requirements

Hindustan Times  

New Delhi: In a Budget speech with a wide-ranging focus on technology and tech-driven solutions, finance minister Nirmala Sitharaman pitched for simplification of the know your customer processes for financial services, gave the DigiLocker platform more utility for individuals as well as businesses, and allowed fintech platforms greater flexibility to tap India’s digital infrastructure. “Fintech services in India have been …

Budget 2023 Expectations: These Initiatives Can Boost Fintech Sector
1 year, 10 months ago

Budget 2023 Expectations: These Initiatives Can Boost Fintech Sector

News 18  

India is fast developing a robust and vibrant ecosystem for the financial technology industry. The government has undertaken several initiatives to support the burgeoning fintech industry in recent times, and it is felt that the following measures in the upcoming Budget 2023 will provide further fillip to the fintech industry and upscale the Digital India initiative: Investments for the Development …

Significant controls to govt. under data protection bill to hit investments in data centres: ITI
1 year, 11 months ago

Significant controls to govt. under data protection bill to hit investments in data centres: ITI

The Hindu  

Significant controls and exemptions to the government under the proposed Digital Personal Data Protection bill 2022 are likely to make it harder for companies to invest in data centres and data processing activities in India, according to global technology industry body ITI. The Ministry of Electronics and IT has floated draft Digital Personal Data Protection Bill 2022 and has invited …

Political Line | Public Debate on Privacy
2 years ago

Political Line | Public Debate on Privacy

The Hindu  

India’s new draft Digital Personal Data Protection Bill, 2022 is being debated intensely. Privacy activists and legal scholars are concerned that the draft is going in the wrong direction, with the government giving itself too much power to collect data, and snoop on people. The draft DPDP bill reiterates state authority and sovereignty over all questions related to data, including …

Indian banking sector at forefront of cyber-attacks: What are major threats and way ahead
2 years, 1 month ago

Indian banking sector at forefront of cyber-attacks: What are major threats and way ahead

Firstpost  

The government data establish the sharp rise in attacks on the banking and financial sector. Between June 2018 and March 2022, India’s banks recorded 248 successful data breaches by hackers and criminals, central government notified Parliament on 2 August Ahead of Diwali, Uttar Pradesh cyber police arrested techies and a former bank employee involved in a Rs 145 crore illegal …

Fintech 2.0 in 2023: Can India unlock next level
2 years, 1 month ago

Fintech 2.0 in 2023: Can India unlock next level

Firstpost  

The FinTech industry has grown exponentially, and the wave of changes brought in by fintech has profoundly impacted financial inclusion and penetration. It has also been beneficial since a country like India caters to a large population, so it requires advanced technology FinTech has become such an integral part of the financial services ecosystem over the past few years, that …

Why CCI matters for protecting customers from digital players
2 years, 3 months ago

Why CCI matters for protecting customers from digital players

Live Mint  

The Parliamentary Standing Committee on Finance, headed by Jayant Sinha, is only the latest to voice its concerns about potential risks from the rapid growth of the digital economy. In particular, the risks arising from the inherently anti-competitive nature of players in the digital world due to what are known as network effects, the peculiar feature that makes the value …

As IRCTC Mulls Data Monetisation, There Is an Urgent Need for Data Privacy Rules
2 years, 4 months ago

As IRCTC Mulls Data Monetisation, There Is an Urgent Need for Data Privacy Rules

The Quint  

Both these moves have sparked a new line of debate about the data privacy issues. The recent withdrawal of the Personal Data Protection Bill by the government, citing more comprehensive legislation, has also triggered concerns as data privacy remains guided by the provisions of the Information Technology Amendment Act 2008 and the related rules of 2011, and are found to …

Data opportunity at the G20
2 years, 4 months ago

Data opportunity at the G20

The Hindu  

The global politics of data is rapidly evolving as leading and emerging digital economies like the European Union, the U.S., India, Indonesia, and South Africa strive to protect, monetise, and leverage data collected within their territories for domestic purposes. Since 2017, India has attempted to incubate governance of non-personal data, personal data, e-commerce regulation and artificial intelligence with a preference …

India withdraws data protection and privacy bill
2 years, 4 months ago

India withdraws data protection and privacy bill

Al Jazeera  

The 2019 law had proposed stringent regulations on cross-border data flows, but had raised concerns among tech giants. India’s government has withdrawn a data protection and privacy bill which was first proposed in 2019 and had alarmed big technology companies such as Facebook and Google, announcing it was working on a new comprehensive law. A government notice on Wednesday said …

What Does The Data Protection Bill 2021 Mean For Commercial Industries?
2 years, 7 months ago

What Does The Data Protection Bill 2021 Mean For Commercial Industries?

Live Law  

The second working session at the Bar Association of India's Seminar on the Personal Data Protection Bill, 2021 held on 3rd May 2022 at New Delhi looked into the nuances of the impact that the impugned bill might bring upon industries. A Data Protection Bill which tries to bring both personal and non-personal data under it will raise the level …

RBI warns bank customers, issues 5-point must-follow advice
2 years, 9 months ago

RBI warns bank customers, issues 5-point must-follow advice

India Today  

The Reserve Bank of India has warned people over a spurt in digital fraud in recent times and asked customers to never share confidential banking information like OTP and CVV, and observe cyber hygiene practices. USER NAME, PASSWORD, CVV, OTP The RBI said "sharing of confidential information by the customers, knowingly or unknowingly, is one of the major causes leading …

Private cryptocurrencies pose immediate risks to customer protection, prone to frauds: RBI
2 years, 11 months ago

Private cryptocurrencies pose immediate risks to customer protection, prone to frauds: RBI

The Hindu  

Private cryptocurrencies pose immediate risks to customer protection and are prone to frauds and extreme price volatility, given their highly speculative nature, the Reserve Bank of India said in its financial stability report released on Wednesday. The latest report noted that the proliferation of private cryptocurrencies across the globe has sensitised regulators and governments to the associated risks. "Private cryptocurrencies …

Changing data privacy landscape in India
2 years, 11 months ago

Changing data privacy landscape in India

Hindustan Times  

Data privacy, primarily the privacy of individuals, is emerging as a major issue in India. The recent controversy on Pegasus, though some of it was politically instigated, occupied more space in public debate because of rising concerns on privacy, but international data surveillance is also worrying for national security reasons. India, however, does not have comprehensive privacy law, and limited …

Credit-starved India Cannot Achieve Double-digit Growth. It Needs Digital Banks for Lending
3 years ago

Credit-starved India Cannot Achieve Double-digit Growth. It Needs Digital Banks for Lending

News 18  

The Indian economy might have been “liberalized” since the early 1990s, yet a sector–banking–still exists where a license is given and the business model defined by the regulator. The need for regulation for digital banks arises as traditional universal banks like Kotak are already offering digital banking through their 811 service. These banks can leverage a new deposit base like …

Mukesh Ambani backs Bills on data privacy, cryptocurrency
3 years ago

Mukesh Ambani backs Bills on data privacy, cryptocurrency

The Hindu  

Mukesh Ambani on Friday backed the proposed data privacy and cryptocurrency Bills, saying India is putting in place the most forward-looking policies and regulations. Mr. Ambani, who has been a votary of Indians owning and controlling their own data and the nation drafting strict rules around how digital information is stored and shared, said nations have the right to build …

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