RBI asks fintech, payment firms to follow DPDP, startups anxious
The Reserve Bank of India, or RBI, now wants fintech and payment companies to follow the Digital Personal Data Protection Act, or DPDP, on top of its usual guidelines.
This double layer of rules is making startups anxious about how they'll keep up.
While the final call on DPDP compliance sits with the Data Protection Board, the RBI is still keeping a close eye on things.
Startups need clearer DPDP guidance
Startups are finding it tough to balance both sets of rules, especially since DPDP focuses on privacy and consent, while the RBI cares about fraud prevention and financial stability.
Different data storage needs are causing headaches, and getting clear customer consent is not easy when third-party data sources are involved.
With a May 2027 deadline looming, many in the industry are hoping for clearer guidance so they can keep operations smooth and customers happy.