Rethinking FinTech Regulation Under the Indian Data Protection Framework

This article examines the substantial implications of the Digital Personal Data Protection Act, 2023 (DPDPA) on the developing FinTech industry in India. With a principlebased approach, the DPDPA emphasises user control, accountability, and transparency in addressing critical issues in the data-driv...

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Bibliographic Details
Published in:Juridical Tribune - Review of Comparative and International Law 2024-10, Vol.14 (3), p.363-383
Main Author: Kashyap, Amit Kumar
Format: Article
Language:English
Subjects:
Accountability
Bank technology
Compliance
Data integrity
Information technology
Innovations
Literature reviews
Privacy
Transparency
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Summary:This article examines the substantial implications of the Digital Personal Data Protection Act, 2023 (DPDPA) on the developing FinTech industry in India. With a principlebased approach, the DPDPA emphasises user control, accountability, and transparency in addressing critical issues in the data-driven FinTech sector. Combining doctrinal analysis and an exploratory methodology, this study meticulously investigates the Act's insight into obligations, focusing on the intricate distinctions between data processors and data fiduciaries. The objective of this doctrinal and exploratory analysis is to thoroughly comprehend the legal structure established by the Act, thereby clarifying the consequences for participants in the FinTech ecosystem. This study explores the DPDPA's impact on managing and safeguarding financial data within the dynamic FinTech sector. It accomplishes this through an evaluation of legal instruments and literature reviews. The paper concludes by suggesting changes to be taken by the financial regulator as a way to address concerns related to data security. Additionally, it initiates a discourse on the regulation of FinTech in India. It emphasises the significance of the collaboration between the Reserve Bank of India and the Ministry of Information Technology on data protection.
ISSN:3008-637X
3008-637X
DOI:10.62768/TBJ/2024/14/3/02