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Banks and fintechs up privacy play with DPDP Act in phased rollout - The Economic Times

Economic Times

Economic Times · 2d ago

Banks and fintechs up privacy play with DPDP Act in phased rollout - The Economic Times

As India's Digital Personal Data Protection (DPDP) Act progresses, banks, insurers, and fintech firms are enhancing privacy measures and adapting operating models. Yes Bank has initiated a data privacy office and appointed a privacy officer, emphasizing gap assessments and consent tool evaluations. The phased rollout compresses compliance timelines, aiming for enforcement by May next year. The DPDP Act introduces dual-reporting for data breaches, impacting financial institutions and necessitating a shift towards privacy-centric operations and technology enhancements.

Related News

Centre notifies administrative rules for Digital Personal Data Protection Act - The Economic Times

Economic Times

Economic Times · 2m ago

Centre notifies administrative rules for Digital Personal Data Protection Act - The Economic Times

The Centre has announced the administrative rules for the Digital Personal Data Protection (DPDP) Act, as indicated by an official notification. The DPDP Act was officially notified over two years ago, following extensive debates, judgments, and legislation aimed at safeguarding user privacy and data protection. The draft rules were initially released in January. This development marks a significant step in the ongoing process of enhancing cybersecurity and data protection in India.

ET Explainer: AR glasses privacy risks in view on big comeback - The Economic Times

Economic Times

Economic Times · 4m ago

ET Explainer: AR glasses privacy risks in view on big comeback - The Economic Times

Reliance Jio, Meta, and Amazon are introducing AI-powered AR glasses to India, reigniting privacy and surveillance concerns. These smart glasses, equipped with cameras and microphones, enable features like hands-free calls and navigation. However, privacy laws like India's DPDP Act are vague, raising worries about worker surveillance, particularly for gig workers. While India lags behind global regulations, AR glasses are expected to be adopted slowly, focusing initially on enterprise use despite potential privacy backlash.

Hospitals, insurers rejig operations as DPDP kicks in next year - The Economic Times

Economic Times

Economic Times · 8d ago

Hospitals, insurers rejig operations as DPDP kicks in next year - The Economic Times

India’s healthcare and insurance sectors are enhancing data protection in preparation for the DPDP Act, effective May 2027. Hospitals and insurers are embedding privacy in operations, updating policies, and investing in compliance tools to handle increased personal data. Both Narayana Health and ManipalCigna Health Insurance are aligning with global data protection standards, seeing this as an opportunity for modernizing systems and building trust, beyond regulatory compliance.

Rules notified for DPDP two years after act passed - The Economic Times

Economic Times

Economic Times · 2m ago

Rules notified for DPDP two years after act passed - The Economic Times

The Indian government has notified administrative rules for the Digital Personal Data Protection (DPDP) Act, which will regulate personal data's processing, protection, and governance. Key provisions include heavy penalties for data breaches, ensuring data protection, child data consent, and restrictions on targeted advertising. The law establishes the Data Protection Board of India with significant enforcement powers. These measures aim to enhance privacy and data governance in India’s digital landscape, with full implementation expected by 2027.

Redacto raises Rs 12 Cr in seed round led by PeerCapital

Entrackr

Entrackr · 3m ago

Redacto raises Rs 12 Cr in seed round led by PeerCapital

Redacto has raised Rs 12 crore (around $1.4 million) in a seed round led by PeerCapital and Antler India, with participation from angel investors. The proceeds will be used to strengthen the company’s AI systems, expand its product and engineering teams, and increase enterprise adoption. Founded in 2025 by Shashank Karincheti and Amit Kumar, Redacto provides an AI-based data privacy and governance platform for enterprises. It helps organisations automate privacy compliance, manage sensitive data, and monitor third-party data handling. Redacto is working with payment companies and NBFCs and is in discussions with banks, fintechs, and insurance firms preparing for Digital Personal Data Protection (DPDP) Act compliance. The platform offers data mapping, consent management, vendor risk checks, breach workflows, and regulatory reporting through a single system. Redacto’s product suite includes a Privacy Engine for automated data discovery, ConsentFlow for user permission management, VendorShield for monitoring third-party risk, and TrustCentre for compliance sharing. It provides a central view of an organisation’s data and privacy status. Redacto competes with Indian and global privacy-tech and data governance platforms such as SecurWeave, Privado, TrustCheckr, Scrut Automation, Luciditi, and Seclore, which offer data security, privacy, and compliance automation solutions.

DPDP does not weaken RTI Act: Union minister Ashwini Vaishnaw

Economic Times

Economic Times · 9m ago

DPDP does not weaken RTI Act: Union minister Ashwini Vaishnaw

Union Minister Ashwini Vaishnaw stated that the Digital Personal Data Protection (DPDP) Act aligns with transparency principles of the Right to Information (RTI) Act and doesn’t weaken it. The DPDP Act introduces a blanket exemption for personal information but ensures transparency by allowing disclosure under legal obligations. Vaishnaw reassured that it strengthens privacy rights without obstructing information disclosure necessary for public programs. Concerns about reduced transparency and accountability have been raised by civil society groups.

Govt may release DPDP rules for public consultation before start of Parliament session

Economic Times

Economic Times · 1y ago

Govt may release DPDP rules for public consultation before start of Parliament session

The Indian government is set to release the proposed administrative rules for the Digital Personal Data Protection (DPDP) Act for public consultation. The Ministry of Electronics and Information Technology will give stakeholders up to 45 days to submit their views on the draft rules, which includes regulations on the collection, processing, and storage of personal data. The DPDP Act is India's first regulation on digital personal privacy and has been in the works for over a decade. Once the rules are finalized, the law will become operational.

The data dilemma: Companies find India's privacy law a tricky maze to traverse

Economic Times

Economic Times · 2y ago

The data dilemma: Companies find India's privacy law a tricky maze to traverse

India's Digital Personal Data Protection (DPDP) Act 2023 was intended to transform the country's tech industry. However, two months after its enactment, companies are struggling to navigate the law, with more unanswered questions than solutions. From large FMCG companies to startups, banks, telecoms, and tech firms, everyone is facing doubts and challenges. The implementation of the privacy law in India appears to be a complex and difficult process for businesses.

Revise Aadhaar to align with data privacy act, UIDAI told

Economic Times

Economic Times · 9m ago

Revise Aadhaar to align with data privacy act, UIDAI told

The Indian government plans to align the Aadhaar law with the Digital Personal Data Protection (DPDP) Act 2023, prioritizing user interests. The DPDP Act, notified in August 2023, necessitates amendments to the Aadhaar law to ensure compatibility. Union Electronics and IT Minister Ashwini Vaishnaw emphasized the importance of harmonization, with draft rules expected soon. The objective is to integrate appropriate data protection laws, enhancing privacy while fostering innovation and public service improvements through Aadhaar authentication.

IIFL Fintech Fund acquires Rs 21 crore worth secondary shares in regtech startup Leegality - The Economic Times

Economic Times

Economic Times · 1m ago

IIFL Fintech Fund acquires Rs 21 crore worth secondary shares in regtech startup Leegality - The Economic Times

IIFL Fintech Fund has acquired Rs 21 crore worth of secondary shares in regtech startup Leegality, enhancing its investment in the digital document workflow company. Founded in 2016, Leegality aims to digitize paper-heavy processes with e-signatures and compliance solutions. The startup is actively adopting the Digital Personal Data Protection (DPDP) Act, launching products like Consentin for DPDP compliance. This aligns with a growing regulatory tech interest among venture capital firms.

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