RBI panel under Tarun Ramadorai seeks rights-based data privacy in household finance

As per RBI panel there is a need to adopt a rights- based privacy framework in household finance announced on 25th Aug 2017. The committee was headed by Tarun Ramadorai, a professor in financial economics at Imperial College London, and had representatives from all financial regulators. RBI suggests adoption of a rights-based privacy framework in contrast with the more common consent-based privacy framework. The panel was set up following discussions in a sub- committee of Financial Stability and Development Council on 26th April 2016. The new privacy framework should view the creation of a Data Commissioner who will be responsible for redress of grievances as well as for establishment of standards of accountability and transparency.