RBI Draft Data Governance Guidance for Regulated Entities
Why in the news
The Reserve Bank put out draft guidance on how regulated entities should manage data, aiming for better quality and legal compliance.
Key facts
- Applies to banks and other Regulated Entities (REs).
- Each RE must adopt a Data Governance Framework (DGF).
- Covers the entire data lifecycle: creation, collection, storage, use, sharing, archival and deletion.
- Approach is risk-based and proportionate to the entity’s scale and nature.
- Review: at least annually, or sooner when business or technology shifts.
Objectives
- Better data quality and integrity.
- Clear accountability, security and privacy.
- Sounder risk management and alignment with the DPDP Act, 2023.
About the DPDP Act, 2023
- India’s main law on digital personal data.
- Balances privacy rights with lawful processing; sets duties for data fiduciaries on security and consent.
Exam angle
- Abbreviations: DGF, RE, DPDP.
- Status: draft guidance.