Data Protection And Financial Customers: Analysing The Digital Personal Data Protection Act, 2023 In Respect Of Financial Regulators

Sunetra Goswami & Sarthak Srivastava, BA LLB, Vivekananda Institute of Professional Studies, GGSIPU, Delhi

ABSTRACT

The Digital Personal Data Protection Act, 2023 emerges as a pivotal framework at the intersection of financial operations and data protection in India. This paper explores the challenges and opportunities faced by financial institutions as they navigate the intricate balance between individual privacy rights and lawful data processing under the DPDP Act. Key findings indicate a paradigm shift necessitating institutions to reassess data processing practices, adopt robust cybersecurity measures, and prioritize transparency. Looking ahead, the future of data protection in finance is poised for transformation, with the DPDP Act catalyzing ethical and responsible data processing practices.

The paper underscores the importance of a proactive approach, urging financial institutions to view compliance not as an obligation but as an opportunity to enhance customer trust and drive innovation. Emphasizing transparency, accountability, and the integration of advanced technologies, the DPDP Act sets the stage for a privacy-centric financial ecosystem in India where privacy, security, and innovation coexist harmoniously.