Dear Shri Rabi Sankarji,
My apologies for paraphrasing “ Et Tu, Brute
( Even You, Brutus ) ? “
And for :
“ Not
that I loved Caesar less, but that I loved Rome more “
Do I hear correctly ?
“ Not that I loved Customer Privacy less but that I love DATA MONETIZATION more “
Context :
Large
corporates request RBI for customers' UPI data, says Dy Guv Sankar /
BS / 13 Sept 2022
Extract :
.
Large corporates, including fintech, have requested the Reserve Bank of India (RBI)
on how they could access the data from the
Unified Payments Interface (UPI),
said Deputy Governor T Rabi Sankar said on Monday, reported The Hindu BusinessLine.
The request, from both large fintech and non-fintech, comes on the
sidelines of an NCAER event which was
held in Delhi, Sankar said, quoted BusinessLine.
Corporates are requesting access to UPI data as it can help companies, especially fintech structure products for specific
target segments of the population.
Developed by NPCI in 2016, UPI in August saw 6.57 billion
transactions, amounting to Rs 10.72 trillion, at a record high. The volume of
transactions rose 85 per cent and value 67.85 per cent year-on-year (YoY) as
the Covid-19 pandemic has accelerated the adoption of digital payments.
Asked if the RBI will accept corporates' demand, Sankar said,
"We have to check what the conditions
are subject to which data will be shared.
First of all, the data is not owned by RBI.
How the data will be used, who will
access it, whether it will be
allowed,” reported BusinessLine.
He added that something
like a data protection bill, which was
recently withdrawn by the government, needs to be in place.
"I am just saying requests have come and businesses are
looking for data as data is important. If businesses had more data, they could design more products,“ the newspaper quoted Sankar.
He said that the process needs to be done in a manner where the customer is aware, that the customer
has some level of consent.
FROM PRINT COPY
OF BUSINESS LINE :
“ Data means money. Data can be monetized.
Therefore, has SIGNIFICANT VALUE to a business.
But at the same time. We will have to have regulations
in place…. Primarily, have LAWS in place, followed by regulations which ensure
that customer data is not only safe, that CUSTOMER PRIVACY is not only protected, but the MONETIZATION of CUSTOMER DATA is done in a responsible manner “ , he said
There are two types of data: PERSONAL
DATA which, without USER CONSENT
cannot be shared .
The other is PUBLIC DATA, for which there is a need for a COMMUNITY
PROTECTION LAW “
MY TAKE :
Dear Shri Rabi Sankarji ,
You are not the
first person to stress upon :
Ø Data
is MONEY
Ø Data
has significant value for businesses
Ø Personal
Data vs
Public Data
Ø User
as the “ Data Owner “
Ø Customer
Privacy
Ø Need
for user consent
Ø Data
not owned by RBI
Nor are you the first to
talk about “ Monetization of Personal Data “ of
customers
Following
are cases in point :
Government
clears policy to sell vehicle registration data [ 13 Mar 2019 ]
Released
: Govt Policy for Selling Personal Data …………………[ 05 Sept 2020 ]
[ Of course, this was only a DRAFT
released by NITI Aayog ]
Then, a few weeks back, IRCTC came up with the same
idea – then backtracked
Ø IRCTC
to monetize USER DATA ? Why not ? ……………………[ 18 Aug 2022 ]
Dear Shri Rabi Sankarji,
Ø However,
you are THE
FIRST person to talk about : “ Community Protection Law
“
You have not elaborated on what shape such “ Community
Protection Law “ should take
I hope what you have in mind is :
Ø Monetization of any User’s Personal Data , must include
COMPENSATING the user for using his data
Ø Customer Privacy will mean selling / sharing ONLY “
Aggregated and Anonymized Data “
I urge you to consider the following FRAME-WORK for your proposed
“Community Protection Law “ :
Ø
Digital Dividend from Demographic Data [
4 D ]………… …………….[ 14 Feb 2019 ]
Ø
SARAL ( Single Authentic Registration
for Anywhere Login )….[ 10 Feb 2019 ]
With regards,
Hemen Parekh
hcp@RecruitGuru.com /
14 Sept 2022
Related Readings :
Ø Monetizing
of Personal Data : While we TALK, China WALKS …..[ 10 Dec 2021 ]
Ø Bulk
Data Sharing / Selling Policy ? …………………………………………..[ 12 Mar 2019 ]
Ø Data
Protection Bill V 1.0 : RIP ( Links to 111 blogs / emails )…[ 03 Aug 2022 ]
Dear Nitinbhai,
Two days back, in " Aap ki Adalat " , Rajat Sharma charged you for being a DREAM MERCHANT
Apparently, Rajat had in mind : Building Castles in the Air
He never heard :
" It is perfectly OK - even desirable - to build castles in the air , as long as you know, how to build FOUNDATIONS underneath, later on "
In your reply ( not defence ), you proved that you know , not only building castles in air, but also how to build foundations later !
One of those " castles " is ELECTRIC HIGHWAYS
As to the " foundation " , I am sure you have read my following earlier mails :
Roof Tops or Highways ? [ 29 Dec 2017 ]
https://lnkd.in/dNPizhR8
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A Reverse Toll ? Possible [ 07 May 2017 ]
https://lnkd.in/fPx5ZhX
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From Express Way to Electrified Way ? [ 21 Aug 2021 ]
https://lnkd.in/eBKfWaBj
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