RBI issues data governance framework for banks and regulated entities
The Reserve Bank of India (RBI) has issued 'Guidance on Regulatory Expectations for Data Governance' for banks and other Regulated Entities (REs). This comprehensive framework aims to strengthen data quality, accountability, risk management, and security across the banking system, ensuring compliance with the Digital Personal Data Protection (DPDP) Act, 2023. Recognizing data as a critical asset in an increasingly digitalized financial sector, the RBI mandates REs to establish a Data Governance Framework (DGF) proportionate to their size and complexity, covering all aspects of data management and requiring annual reviews.
Key Points
- RBI issued new data governance guidance for banks and other Regulated Entities (REs).
- The framework aims to enhance data quality, accountability, risk management, and security.
- It ensures compliance with the Digital Personal Data Protection (DPDP) Act, 2023.
- REs are mandated to establish a comprehensive Data Governance Framework (DGF) proportionate to their operations.
- The DGF must cover all aspects of data management and be reviewed annually or more frequently.
Exam Facts
- The Reserve Bank of India (RBI) issued 'Guidance on Regulatory Expectations for Data Governance'.
- The framework ensures compliance with the Digital Personal Data Protection (DPDP) Act, 2023.
- REs are required to establish a Data Governance Framework (DGF).
- The DGF must be reviewed annually or more frequently.
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