MFIs need to focus on data privacy and cyber security, says SBI MD

State Bank of India (SBI) managing director Alok Kumar Choudhary on Wednesday said there is a need for micro finance institutions (MFIs) to pay attention to data privacy and cyber security as they deal with data of a large number of customers.

Speaking at a conference organised by Sa-Dhan, he said, MFIs should also focus on capacity building to deal with the challenges of the future.

“The second thing which is very important is the integration with the evolving regulation particularly when you have data privacy law. The enormous amount of data which has been handled by all the MFIs, this particular aspect (data privacy) requires attention and some kind of action plan needs to be in place,” he said.