Data monetisation should have consumer consent: RBI deputy governor

Last month, the government withdrew the Personal Data Protection Bill from the Lok Sabha and IT Minister had said the Centre was hopeful of getting a new legislation passed by the next Budget Session

Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar on Monday said customer data should be monetised in a responsible manner with some level of customer consent.

“At a recent conference, many corporates discussed with me how they can access UPI (Unified Payments Interface) data because that will give information which could be used to structure products that can be specifically targeted at specific cohorts of the population. We will have to primarily have laws in place followed by regulations which ensure that customer data is not only safe and privacy is not only protected, but the monetisation of