Data Privacy should not be compromised in using Fintech: FM

Finance Minister Nirmala Sitharaman said as increasing number of Indians are using digital mode of payment there should be no compromise on Data Privacy and safeguard of client data.  

Further she added, the value of digital transaction of Fintech industry jumped to Rs 6 lakh crore in January-August 2021 from Rs 4 lakh crore and 2 lakh crore in 2020 and 2019, respectively.

Data Privacy, sometimes also referred to as information privacy, is an area of data protection that concerns the proper handling of sensitive data including, notably, personal data but also other confidential data, such as certain financial data and intellectual property data, to meet regulatory requirements as well.

Sitharaman said, “Safeguard of client data, is something which I think is the backbone to bringing trust. Unless my data is safeguarded well I wouldn’t want to get into a scheme of things. So that is the guideline” at Global Fintech Fest 2021.

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