Access to data imperative for fintech growth: Finance Secratary

MUMBAI: Cordoning off data to the fintech industry citing privacy concerns will not just hamper the growth potential of this sector, but also slow down the government’s aim to create a financially inclusive society, finance secretary Subhash Chandra Garg said. The government is working on a data protection Bill, whereby “financial institutions will get access to data under a secure data protection framework”, he said.

“Our aim is to not just create a data protection Bill but to create a data usage Bill,” Garg said, addressing a fintech industry gathering here. “We don’t want data to become unused oil.”