M Rajeshwar Rao said that while technological innovations are very important on the one hand, no compromise can be made on the privacy and data security of customers.
Rao said in a webinar on Open Banking organized by Tata Consultancy Services (TCS) in collaboration with the Indian Embassy in Brazil on April 14, “We need to instill confidence among our customers that all that happens to them In financial transactions, their complete information and figures are all safe. For this, both innovation and regulation will have to go together. ”The Reserve Bank has put Rajeshwar Rao’s speech on its website on Friday.
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Open banking refers to the sharing of data with the customer with a third party. Third parties have been said about those companies which provide better financial transparency options, marketing and cross-selling opportunities etc. to the account holders. They do this by creating an app or through the services provided.Also read: Start this business in 50 thousand sitting at home, it will earn 2 lakhs every month, know how to start?
Technological innovation is very important
Rao said on this occasion that all parties will understand that while technological innovation is very important on the one hand, no compromise can be made on the privacy and data security of customers. In the country, RBI and NPCI together have prepared a payment system like UPI and have released its app for banks and third party app providers.