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ARTICLE · 10 AUGUST 2023

Fintech And The Data Protection Bill

Ikigai Law
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No piece of legislation has taken more punches than our elusive data protection law. You've heard this before, but we'll say it again. The data law is nearly here!...

IndiaPrivacy
Aparajita Srivastava
Aparajita Srivastava
Sreenidhi Srinivasan
Sreenidhi Srinivasan
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This article discusses the first step for fintechs to get ready for the new data law. It originally appeared in the July 2023 Edition of FinTales, our monthly fintech newsletter.

No piece of legislation has taken more punches than our elusive data protection law. You've heard this before, but we'll say it again. The data law is nearly here! The Digital Personal Data Protection Bill, 2023 was introduced in Parliament on 3 August 2023. And this time, the stars may well align for the law to be passed.

The new bill is lean and principle-based and leaves the details to the rules (which will be framed by the government). Once passed, it will affect all businesses including fintech companies that collect and use digital personal data. Read our primer on the law for a quick explainer, and our summary for an overview of the law and changes from the earlier version.

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