Since financial systems deal with a vast amount of data, the privacy of users should be protected from private contracts, suggested T Rabi Sankar, executive director at the Reserve Bank of India, on Tuesday. “If I want to use a particular app, it can not be that I have to sign the terms and conditions of the app and that is the basic contract. We can not ensure privacy of an individual through such bilateral contracts, there has to be a clear law,” Sankar said, while speaking at the Indian government’s Raise 2020 Summit (Responsible AI for Social Empowerment, 2020). He was making his remarks in a personal capacity. Sankar was speaking on a panel which was discussing how data and artificial intelligence can help the financial system, and he was joined by the likes of NPCI CEO Dilip Asbe, UIDAI’s Vivek Raghavan, and Mastercard’s Ashutosh Chadha, among others. Framework to deal with data and AI in the financial services sector In order to manage the huge amount of data that the financial services sector deals with, Sankar suggested that the following principles be adhered to, apart from ensuring data privacy: 1. Legality, transparency, efficiency of data sourcing “The basic principle should be that there is a clear legal protection to a data creator when that data is used. When I put my photograph in, let’s say, a social media platform, how to ensure that that photograph is not misused for illegal activities, should basically be provided in law, particularly…
- Indian crypto exchanges plan to collect identity details for crypto transfers to private wallets: Report June 3, 2023
- Jugalbandi, A Chatbot for Rural India by Microsoft and EkStep: What to Know and Think About? June 3, 2023
- Hopeful to See Action Against E-Pharmacies Selling Medicines Online Without Licenses: Pharmacy Body Writes to States and UTs June 3, 2023
- Meta to give advertisers more control using AI and content filters June 2, 2023
- Transparency Report: Here’s all Facebook, Instagram, Twitter and Google had to say about user complaints in April June 2, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Is it safe to consider all "publicly available data" as public?
PhonePe launched an e-commerce buyer app for ONDC called Pincode. We, however, believe that it should also launch a seller app.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...