Digital Personal Data Protection Act

FIG Paper (No. 32) - Outsourcing of Financial Services: Harmonising the Law and Looking Ahead

Background

The Reserve Bank of India (“RBI”) issued the draft Master Direction – Reserve Bank of India (Managing Risks and Code of Conduct in Outsourcing of Financial Services) Directions, 2023 (“Draft MD”), on October 26, 2023. With the COVID-19 pandemic and the digitisation of financial services globally, financial institutions started becoming increasingly dependent on their service partners and agents to reduce costs and avail expertise not available internally.Continue Reading FIG Paper (No. 32 – Series 1): Outsourcing of Financial Services: Harmonising the Law and Looking Ahead

FIG Paper No. [29], Data Law Series [3]: Implications of Digital Personal Data Protection Act, 2023 for Foreign Banks in India

Introduction:

The Digital Personal Data Protection Act, 2023 (“DPDP Act”) is India’s foray into the global regulatory movement on personal data rights. In designing the DPDP Act, there has been a strong focus on simplicity, brevity, and standardisation. We note a marked effort to align with data regulation across the world, most significantly, the European Union’s General Data Protection Regulation (GDPR”). While principally similar, the Indian regime has peculiarities for which financial services entities will have to prepare themselves. Continue Reading FIG Paper No. 30, Data Law Series 4: Implications of Digital Personal Data Protection Act, 2023 for Foreign Banks in India

India's New Data Protection Law: How Does it Differ from GDPR and What Does that Mean for International Businesses?

On August 11, 2023, India’s long-awaited general personal data protection legislation, the Digital Personal Data Protection Act, 2023 (“DPDPA”) was finally enacted.

Governing the world’s fifth largest economy and one of its fastest growing digital markets, the DPDPA will be of importance to a large number of international businesses that operate in India, rely on Indian service providers/group service companies for their operations, or are looking to enter Indian markets.Continue Reading India’s New Data Protection Law: How Does it Differ from GDPR and What Does that Mean for International Businesses?