-
FinTech Consulting Services
Leveraging our FinTech Consulting experience, we employ our proven approach in process reviews, tech risk management, and third-party audits for Indian financial services clients.
The Digital Personal Data Protection Act (DPDPA), 2023, commonly known as the 'Privacy Law' or the 'Data Protection Law', received the Honourable President's approval on August 11, 2023. This landmark legislation focuses on ensuring accountability in handling digital personal data and emphasises the importance of explicit and transparent consent for data collection, processing, and storage. The Act represents a paradigm shift that will redefine how businesses operate by introducing stringent data protection and privacy measures that align seamlessly with global standards.
Key highlights of the DPDPA
What our leaders have to say
"DPDPA is the big shift towards enabling India’s digital economy and its innovation ecosystem - laying the groundwork for a data-driven business environment that thrives on creating investor value, improving organisational culture and enhancing customer trust."
Vishesh C Chandiok, Chief Executive Officer, Grant Thornton Bharat
"India’s privacy era ushers in fresh opportunities for businesses in the realm of technology enablement and transformation. Responsible adoption will be key towards striking a fine balance between innovation and privacy."
Deepankar Sanwalka, Senior Partner, Grant Thornton Bharat
Impact of DPDPA
The DPDP Act establishes a uniform and standardised approach to data protection. However, it will have a widespread impact on various sectors -
- Customer profiling, authentication, sensitive data
- Process outsourcing - fintech partnerships, data processing, product alliances
- Risk management - credit, AML, fraud, insurance
- Financial information and transaction data
- Personal preferences and behaviour
- Device information and location
- Digital communication data and transaction data
- Sensitive data from online activities
- Name, address and contact numbers
- Consumer preferences
- Payment and transaction data
- Patient health records
- Health insurance
- Clinical trial data
- Biometric and genetic data
- Travel itinerary
- Payment information
- Reservation information
- Guest feedback
Transforming challenges into business opportunities
How Grant Thornton Bharat can help?
- Develop customised approaches for different industries
- Establish and manage Data Protection Offices
- Implement automated tools for compliance
- Provide guidance in data gathering to meet DPDPA’s requirements
- Assist in streamlining data assimilation and management
- Offer independent data audit services
- Assist with integrating compliance into governance practices
- Ensure airtight compliance to uphold the reputation of independent directors
- Support Chief Information Officers and Chief Security Officers
- Collaborate with technical experts to align IT systems with DPDPA’s requirements
- Provide expert dispute resolution for data breaches
Digital Personal Data Protection Act (DPDPA), 2023
The Act is set to have a widespread impact across various sectors, given that nearly every sector, in one way or the other, handles personal and sensitive data
How will the DPDP Act impact Financial Services?
The DPDP Act of 2023 aims to protect personal data, empower individuals, and enforce strict data handling standards.