An alternative to the SWIFT payment system should be developed in India to ensure the privacy of Indian citizens and to give a boost to the domestic economy, the Joint Parliamentary Committee on the Personal Data Protection Bill recommended in its report tabled in Parliament on December 16. The Committee made this recommendation after it received feedback from stakeholders that there are possible chances of breach of privacy in the SWIFT system. In making its recommendation, the Committee noted: "The Committee observe that data protection in the financial sector is a matter of genuine concern worldwide, particularly when through the SWIFT network, privacy has been compromised widely. Indian citizens are engaged in huge cross border payments using the same network. [...] The Committee, therefore strongly recommend that an alternative indigenous financial system should be developed on the lines of similar systems elsewhere such as Ripple (USA), INSTEX (EU), etc. which would not only ensure privacy but also give a boost to the digital economy." The Committee, however, did not elaborate on how such an alternative will replace the functions of SWIFT, which is a global standard used by over 200 countries, or how it will benefit Indian economy. What are the problems with SWIFT? 1. US control over the network: One of the reasons the Committee believed that SWIFT might compromise the privacy of Indian citizens is because of the control the US might have over the network. Terrorist Finance Tracking Program: A memorandum received by the Committee stated: "A series of articles published on 23 June 2006 in The New York Times,…
- Protecting Personal Data: Where Grievance Redressal Falls Short December 9, 2022
- Latest developments in the ransomware attack on AIIMS-Delhi as it partially resumes server facilities December 8, 2022
- EPoS Systems at 5.33 Lakh PDS Shops in India, But No Response by Ministry on Device Failures December 8, 2022
- How does the new data protection bill affect platform gig workers? December 8, 2022
- Indian Govt to Pay Tariff to Telcos for SMS Alerts, Except Under Disaster Management Act December 8, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."
By Soujanya Sridharan and Dr. Sarayu Natarajan Platform work and data: the intersection Every time you use a ride-hailing app, the matching algorithm processes...
New bill narrows focus over predecessors that went heavy on data sovereignty, localisation and compliance. What explains this change?
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
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...