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. RBI posted the speech on Friday. Open banking refers to sharing and leveraging of customer-permissioned data by banks with third party developers and firms to build applications and services, including for example those that provide real-time payments, greater financial transparency options for account holders, marketing and cross-selling opportunities. All stakeholders, Rao added, “need to appreciate the fact that while technological innovation is of paramount importance, the customer privacy and data protection are non-negotiable.” He said stressed that “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… Read full this story
- Furious families of the ISIS 'Beatles' victims slam bungling UK legal system for letting them 'escape justice' in the US as it's revealed Britain STILL can't send crucial evidence to America because it violates their 'data protection rights'
- Will comply with local data hosting norms: Google Chief
- NSA surveillance: Europe threatens to freeze US data-sharing arrangements
- Meity likely to bring whitepaper for non-personal data policy
- Trump's Senior Advisor Says Democratic Leaders Want to Secede from the U.S.
- Needed: Data sharing to curb frauds
- Taiwan says China behind cyberattacks on government agencies, emails
- 'There is a need for more supervisors at the RBI'
- Delhi High Court issues notices to Google India, RBI and Centre over data privacy concerns on Google Pay
- Data a strategic asset, world needs governance framework
Customer privacy, data protection non-negotiable, says RBI Deputy Governor have 322 words, post on www.gadgetsnow.com at April 17, 2021. This is cached page on Technology Breaking News. If you want remove this page, please contact us.