NEW DELHI : India needs a robust regulatory framework to deal with multiple challenges emanating from increasing number of players sitting in different geographical locations getting involved in open banking operations, feel experts. Indian legislators, he added, had recently updated the data protection laws with a principle that customers own their data and have the right to control it. "This can be a substance for an open banking framework; however, we expect specific guidance over system security protocols, open API standards and other technical specifications," Shetty said. This, Matta added, will ensure better privacy standards for consumers and will ease the transition with the compliance requirements of the proposed legislation. India kickstarted its approach to open banking by enabling an intermediary which will be responsible for the customers' consent management.

Source: Mint May 09, 2021 09:56 UTC