Customer privacy, data protection are non-negotiable: RBI deputy Governor M Rajeshwar Rao
Open banking refers to sharing and leveraging of customer-permissioned data by banks with third party developers and firms to build applications and services.
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MUMBAI: Reserve Bank Deputy Governor M Rajeshwar Rao has said that technological innovation in banking is of paramount importance but cannot be pursued at the cost of customer privacy and data protection which are non-negotiable. We must generate trust amongst the customers that their data is safe and secure in all their financial relationships with regulated entities and for that - innovation and regulation should go hand-in-hand, he said while speaking at a webinar on Open Banking organised by Tata Consultancy Services (TCS) in association with the Embassy of India in Brazil on April 14.
Customer privacy, data protection non-negotiable, says RBI Deputy Governor indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
RBI ) regulatory sandbox
(
RS ) announced last year, has started
with two entities having initiated product testing from November
16, 2020, and with four more entities having started their test
phase in December, 2020. The products in the first cohort include:
(i) eRupaya?, a set of near-field communication-
(
NFC ) based prepaid cards and
point-of-sale (
POS ) devices to
facilitate offline person-tomerchant
(
P2M ) transactions and offline digital
products in remote locations; (ii) PaySe?, an offline digital cash
product to help digitise payments in rural areas through an
ecosystem of self-help groups; (iii) CityCash?, a set of
NFC-based prepaid cards and POSdevices to facilitate offline P2M