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Fintechs scramble to tweak systems as DPDP Act looms

Economic Times

Economic Times · 1y ago

Fintechs scramble to tweak systems as DPDP Act looms

Fintech founders are rushing to comply with the Digital Personal Data Protection Act, 2023, which requires detailed impact assessments, contract revisions, and legal consultations. This law adds additional data protection guidelines on top of existing regulations for regulated entities in the fintech sector.

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New rules on data protection likely to be notified soon

Economic Times

Economic Times · 9m ago

New rules on data protection likely to be notified soon

The administrative rules for the Digital Personal Data Protection (DPDP) Act in India are expected to be notified before the Maharashtra assembly elections in November. The DPDP Act, enacted in August 2023, aims to regulate the storage, processing, and transfer of personal data. It emphasizes a consent-based framework and strong rules for parental consent for children under 18. The Ministry of Electronics and Information Technology has reassured stakeholders of adequate time for implementation and plans to provide guidance to ensure compliance. Companies are advised to prepare by conducting data mapping, audits, reviewing agreements, and implementing security safeguards. Compliance with the DPDP Act is an ongoing effort.

DPDP does not weaken RTI Act: Union minister Ashwini Vaishnaw

Economic Times

Economic Times · 4m 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.

Fintechs scramble to protect brands from fraudsters

Economic Times

Economic Times · 1y ago

Fintechs scramble to protect brands from fraudsters

Fintech startups are finding it necessary to adopt various measures to combat fraudsters. These measures include initiating legal proceedings, setting up fraud detection units, and creating Google alerts on their brand names. Fraudsters often use prominent brand names to deceive consumers, whether it's by offering fake services, taking payments and disappearing, or using brand logos to siphon off funds. Fintech startups like Razorpay, Zerodha, Groww, Freo, and Fisdom are now dealing with these issues on a significant scale. Instant messaging apps like WhatsApp and Telegram have become hunting grounds for fraudsters, as they sell fake products and services on behalf of fintechs and vanish after receiving payment. Fintech companies are constantly striving to combat these activities and protect their brands.

DPDP likely to offer consent framework instead of exact rules

Economic Times

Economic Times · 10m ago

DPDP likely to offer consent framework instead of exact rules

The executive rules under the Digital Personal Data Protection (DPDP) Act are expected to provide broad guidelines on consent management instead of specific rules, according to sources. The rules are likely to recommend the use of government-issued identity cards for age verification and consent management. These guidelines are important to ensure compliance with the Act, particularly for smaller organizations such as schools and universities that handle children's data. While some exemptions may be provided for educational institutions, it is unlikely to extend to ed-tech companies. The DPDP Act prohibits behavioral tracking of children on digital platforms and targeted advertising for users below 18.

Revise Aadhaar to align with data privacy act, UIDAI told

Economic Times

Economic Times · 4m 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.

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.

Social media companies list out worries as Centre readies data protection law

Economic Times

Economic Times · 1y ago

Social media companies list out worries as Centre readies data protection law

Social media companies are raising concerns about the implementation of India's data protection law, particularly regarding behavioural tracking of children, verifiable parental consent, and targeted advertisements. The Digital Personal Data Protection (DPDP) Act prohibits companies from tracking children's online activities, which affects the effectiveness of safety features. The industry is seeking a pragmatic approach that balances privacy and safety for teenagers. Additionally, companies are unsure about how to obtain parental consent and are hoping for more clarity in the forthcoming Rules for the DPDP Act.

Social Media Firms Voice Concerns As Govt Prepares New Data Protection Rules

Inc42 · 1y ago

Social Media Firms Voice Concerns As Govt Prepares New Data Protection Rules

The DPDP Act, which defines users below the age of 18 as children, has prompted social media platforms to propose "child gating" methods and emphasise data minimisation principles. Companies are hopeful that the government will address these issues once the rules for the act are released. Data fiduciaries, such as social media or internet intermediaries, will be required to obtain explicit parental consent before processing any data of a child.

Govt likely to release draft data protection rules within a month: Ashwini Vaishnaw

Economic Times

Economic Times · 11m ago

Govt likely to release draft data protection rules within a month: Ashwini Vaishnaw

The Indian government is preparing to release the draft of executive rules for the implementation of the Digital Personal Data Protection (DPDP) Act. The rules will be created digitally and will follow a simple language approach. Stakeholders will have a period of 45-60 days to provide feedback on the draft. The DPDP Act is India's first regulation on digital personal privacy and covers the collection, processing, and storage of personal data. The government is also planning consultations on a broadcasting bill to address the broader creator economy.

Centre to curb unauthorised use of PAN details by tech companies

Economic Times

Economic Times · 9m ago

Centre to curb unauthorised use of PAN details by tech companies

The Indian government is cracking down on unauthorized use of personally identifiable information (PII) by technology companies ahead of the notification of the Digital Private Data Protection Act, 2023 (DPDP). The Union home ministry through the Indian Cybercrime Coordination Centre (I4C) has ordered the shutdown of services that use citizens' Permanent Account Numbers (PAN) without authorization. These services, known as "PAN enrichment," used the backend systems of the Income Tax department to access customer details for various purposes. This move is part of the government's efforts to curb unauthorized access to citizens' data before the data protection rules are enforced.

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