Data privacy, safeguarding client details important: FM Sitharaman

Laying emphasis on the importance of data privacy and on safeguarding client data, finance minister Nirmala Sitharaman said India has the highest fintech adoption rate as compared to a much lower global average.

Speaking at a fintech conference on Tuesday, Sitharaman said the value of digital transactions has jumped to Rs 6 trillion in January-August 2021 from Rs 4 trillion last year and Rs 2 trillion in 2019.

“Data privacy is very important and it is an issue on which there can be a lot of contentious views. However, basic respect for privacy as the guiding principle is well appreciated,” said Sitharaman while addressing the ‘Global FinTech Fest 2021.’