Need law for data privacy: RBI’s Sankar

RBI Deputy Governor T. Rabi Sankar on Monday pressed for a law to protect customers’ privacy to ensure that monetisation of customer data is done in a responsible manner.

Last month, the Centre withdrew the Personal Data Protection Bill from the Lok Sabha. “Data can be monetised,” Mr. Sankar said at an NCAER event.

“Therefore, data is significant value to business but at the same time, we will have to have... laws in place, followed by regulations, which ensure customers’ privacy,” he said.