Indian Parliament passes Digital Personal Data Protection Bill; FinTech experts react

By Puja Sharma

The ‘Digital Personal Data Protection Bill’ is a significant step towards safeguarding the privacy and security of digital data in India. It aims to establish a robust framework for data protection, enhance user trust, and promote a thriving digital economy.

As a crucial development – The Indian Parliament has passed the Digital Personal Data Protection Bill (DPDP), which is the country’s first law protecting personal information. In order to accommodate data concepts that are still evolving, Ashwini Vaishnaw said the bill has been made technology-agnostic. The passage of the Digital Personal Data Protection Bill, 2023 in the Raj Sabha which has already been passed by the Lok Sabha.

The ‘Digital Personal Data Protection Bill’ is a significant step towards safeguarding the privacy and security of digital data in India. It aims to establish a robust framework for data protection, enhance user trust, and promote a thriving digital economy. Given its far-reaching implications for various sectors, including FinTech, we understand that your publication might be interested in doing stories related to this development.

Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, a branchless banking and digital network said, “The Draft Personal Data Protection Bill 2023 marks a pivotal era, empowering consumers and nurturing trust within the digital economy. As data’s role in fostering an inclusive FinTech landscape gains prominence, the bill’s lucid outline of rights and responsibilities is commendable. It champions data protection, underscores lawful processing, and shapes a resilient, customer-centric ecosystem.

For businesses, it harmonizes innovation with user rights, propelling accountability and opportunity in the digital age. Especially in light of our rural-focused business model, it reaffirms our dedication to banking services while upholding privacy and empowerment. The DPDP Bill strikes a vital balance, safeguarding user rights and fueling digital innovation. This legislative stride bolsters our mission, empowering rural communities through accessible financial services.”

The Digital Personal Data Protection Bill 2023 represents a pivotal step towards empowering consumers with control over their data, aligning it with their specific needs. For a thriving digital economy built on trust, transparency, and inclusivity, legitimate access to customer data is paramount, especially in the realm of digital payments.

“We welcome the bill as it streamlines the roles of data principles and fiduciary processors, fostering a landscape of consent, privacy, security, and grievance resolution. Upholding both individual data protection rights and the imperative of lawful data processing, this legislation reinforces our belief in cultivating a resilient, customer-centric payments ecosystem.” said Mandar Agashe, Founder, Founder & MD, Sarvatra Technologies, end-to-end payments and banking technology solutions provider.

The DPDP Bill adeptly strikes the equilibrium between user rights and digital innovation, fostering an environment of trust and progress. Its business-friendly provisions, including the removal of criminal penalties for non-compliance and facilitating seamless international data transfers, signal progress towards a new era.

“The bill’s commitment to comprehensive rights for data principals establishes the cornerstone of a transparent and responsible data governance framework. We are resolutely committed to navigating these changes, ensuring that the privacy, empowerment, and financial well-being of our customers remain at the forefront of our mission.” said Rahul Tandon, Chief Product Officer, Safexpay, a global payments and banking solutions provider.