Technology Law Analysis
November 26, 2020
India: Proposed unique data sharing framework in the FinTech sector

SUMMARY

The National Institution for Transforming India (NITI Aayog) recently released a draft framework, the Data Empowerment and Protection Architecture (DEPA). DEPA is aimed to be a mechanism for secure consent-based data sharing in the FinTech sector, which builds over existing regulation by the RBI on 'Account Aggregator' models. Through DEPA, individuals will be able to share their financial data across banks, insurers, lenders, mutual fund houses, investors, tax collectors, and pension funds in a secure manner. While this document released by the NITI Aayog is focused on the implementation of DEPA in the financial sector alone, a similar framework has been proposed to be introduced across all sectors, beginning with the health and telecom sectors.

Inika Charles, Aaron Kamath and Gowree Gokhale provide an overview of the DEPA, and examine the proposed mechanism which DEPA seeks to institute, and the road ahead for the implementation of the framework. The article is published by OneTrust DataGuidance and can be accessed here.

 

– Inika Charles, Aaron Kamath & Gowree Gokhale

You can direct your queries or comments to the authors

Disclaimer

The contents of this hotline should not be construed as legal opinion. View detailed disclaimer.

This Hotline provides general information existing at the time of preparation. The Hotline is intended as a news update and Nishith Desai Associates neither assumes nor accepts any responsibility for any loss arising to any person acting or refraining from acting as a result of any material contained in this Hotline. It is recommended that professional advice be taken based on the specific facts and circumstances. This Hotline does not substitute the need to refer to the original pronouncements.

This is not a Spam mail. You have received this mail because you have either requested for it or someone must have suggested your name. Since India has no anti-spamming law, we refer to the US directive, which states that a mail cannot be considered Spam if it contains the sender's contact information, which this mail does. In case this mail doesn't concern you, please unsubscribe from mailing list.

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Technology Law Analysis

November 26, 2020

India: Proposed unique data sharing framework in the FinTech sector

SUMMARY

The National Institution for Transforming India (NITI Aayog) recently released a draft framework, the Data Empowerment and Protection Architecture (DEPA). DEPA is aimed to be a mechanism for secure consent-based data sharing in the FinTech sector, which builds over existing regulation by the RBI on 'Account Aggregator' models. Through DEPA, individuals will be able to share their financial data across banks, insurers, lenders, mutual fund houses, investors, tax collectors, and pension funds in a secure manner. While this document released by the NITI Aayog is focused on the implementation of DEPA in the financial sector alone, a similar framework has been proposed to be introduced across all sectors, beginning with the health and telecom sectors.

Inika Charles, Aaron Kamath and Gowree Gokhale provide an overview of the DEPA, and examine the proposed mechanism which DEPA seeks to institute, and the road ahead for the implementation of the framework. The article is published by OneTrust DataGuidance and can be accessed here.

 

– Inika Charles, Aaron Kamath & Gowree Gokhale

You can direct your queries or comments to the authors

Disclaimer

The contents of this hotline should not be construed as legal opinion. View detailed disclaimer.

This Hotline provides general information existing at the time of preparation. The Hotline is intended as a news update and Nishith Desai Associates neither assumes nor accepts any responsibility for any loss arising to any person acting or refraining from acting as a result of any material contained in this Hotline. It is recommended that professional advice be taken based on the specific facts and circumstances. This Hotline does not substitute the need to refer to the original pronouncements.

This is not a Spam mail. You have received this mail because you have either requested for it or someone must have suggested your name. Since India has no anti-spamming law, we refer to the US directive, which states that a mail cannot be considered Spam if it contains the sender's contact information, which this mail does. In case this mail doesn't concern you, please unsubscribe from mailing list.

NDA Connect

Connect with us at events, 
conferences and seminars.