Key Points
Mumbai, The Reserve Bank on Wednesday tweaked guidelines for Regulatory Sandbox (RS) scheme under which participating entities will have to comply with digital personal data protection norms..
Regulatory Sandbox usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may (or may not) permit certain relaxations for the limited purpose of the testing...
The RBI had issued the 'Enabling Framework for Regulatory Sandbox' in August 2019, after wide ranging consultations with stakeholders...
Also, the updated framework requires sandbox entities to ensure compliance with provisions of the Digital Personal Data Protection Act, 2023...
You might be interested in
Cabinet approves draft data protection bill
06, Jul, 23The Union Cabinet has approved draft of Digital Personal Data Protection (DPDP) Bill 2023 for tabling it in the upcoming monsoon session of Parliament, an official source said on Wednesday. The bill proposes to levy penalty of up to Rs 250 crore on entities for every instance of violation of norms in the bill.
Why is digital-first strategy a must for BFSI industry to be future-ready
07, Apr, 23Data is an integral pillar of digital transformation and entails defining the right data strategy, platforms, tools and processes to incorporate insights with the enterprise value chain to create value for internal and external stakeholders.