Et Tu, RBI ?
Dear Shri Rabi Sankarji,
My apologies for paraphrasing “ Et Tu, Brute ( Even You, Brutus ) ? “
And for :
“ Not that I loved Caesar less, but that I loved Rome more “
Do I hear correctly ?
“ Not that I loved Customer Privacy less but that I love DATA MONETIZATION more “
Context :
Large corporates request RBI for customers' UPI data, says Dy Guv Sankar / BS / 13 Sept 2022
Extract :
.
Large corporates, including fintech, have requested the Reserve Bank of India (RBI) on how they could access the data from the Unified Payments Interface (UPI), said Deputy Governor T Rabi Sankar said on Monday, reported The Hindu BusinessLine.
The request, from both large fintech and non-fintech, comes on the sidelines of an NCAER event which was held in Delhi, Sankar said, quoted BusinessLine.
Corporates are requesting access to UPI data as it can help companies, especially fintech structure products for specific target segments of the population.
Developed by NPCI in 2016, UPI in August saw 6.57 billion transactions, amounting to Rs 10.72 trillion, at a record high. The volume of transactions rose 85 per cent and value 67.85 per cent year-on-year (YoY) as the Covid-19 pandemic has accelerated the adoption of digital payments.
Asked if the RBI will accept corporates' demand, Sankar said,
"We have to check what the conditions are subject to which data will be shared.
First of all, the data is not owned by RBI.
How the data will be used, who will access it, whether it will be allowed,” reported BusinessLine.
He added that something like a data protection bill, which was recently withdrawn by the government, needs to be in place.
"I am just saying requests have come and businesses are looking for data as data is important. If businesses had more data, they could design more products,“ the newspaper quoted Sankar.
He said that the process needs to be done in a manner where the customer is aware, that the customer has some level of consent.
FROM PRINT COPY OF BUSINESS LINE :
“ Data means money. Data can be monetized.
Therefore, has SIGNIFICANT VALUE to a business.
But at the same time. We will have to have regulations in place…. Primarily, have LAWS in place, followed by regulations which ensure that customer data is not only safe, that CUSTOMER PRIVACY is not only protected, but the MONETIZATION of CUSTOMER DATA is done in a responsible manner “ , he said
There are two types of data: PERSONAL DATA which, without USER CONSENT cannot be shared .
The other is PUBLIC DATA, for which there is a need for a COMMUNITY PROTECTION LAW “
MY TAKE :
Dear Shri Rabi Sankarji ,
You are not the first person to stress upon :
Ø Data is MONEY
Ø Data has significant value for businesses
Ø Personal Data vs Public Data
Ø User as the “ Data Owner “
Ø Customer Privacy
Ø Need for user consent
Ø Data not owned by RBI
Nor are you the first to talk about “ Monetization of Personal Data “ of customers
Following are cases in point :
Government clears policy to sell vehicle registration data [ 13 Mar 2019 ]
Released : Govt Policy for Selling Personal Data …………………[ 05 Sept 2020 ]
[ Of course, this was only a DRAFT released by NITI Aayog ]
Then, a few weeks back, IRCTC came up with the same idea – then backtracked
Ø IRCTC to monetize USER DATA ? Why not ? …………………………………[ 18 Aug 2022 ]
Dear Shri Rabi Sankarji,
Ø However, you are THE FIRST person to talk about : “ Community Protection Law “
You have not elaborated on what shape such “ Community Protection Law “ should take
I hope what you have in mind is :
Ø Monetization of any User’s Personal Data , must include COMPENSATING the user for using his data
Ø Customer Privacy will mean selling / sharing ONLY “ Aggregated and Anonymized Data “
Ø
I urge you to consider the following FRAME-WORK for your proposed “Community Protection Law “ :
Ø Digital Dividend from Demographic Data [ 4 D ]………… …………….[ 14 Feb 2019 ]
Ø SARAL ( Single Authentic
With regards,
Hemen Parekh
hcp@RecruitGuru.com / 14 Sept 2022
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