India: Ministry of Finance Recommends A Series of Regulatory Developments for Fintech

On September 2, 2019, the Ministry of Finance published a report by the steering committee on fintech-related issues. 

In the report, the committee discusses some key areas that may see development in the world of fintech regulation in India. 

Data Protection

The report acknowledges the draft bill, proposed by the Justice Srikrishna Committee, for the protection of personal data and outlines its key components. The committee recommends that regulators review the existing legal framework with regard to data protection and privacy concerns to maintain the security and confidentiality of consumer data with emerging data privacy legislation. 

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