RBI Governor Sanjay Malhotra emphasized that fintech companies must treat user data as a fiduciary duty, warning against data misuse which could erode trust and lead to significant damage.
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Key takeaway
RBI Governor warns fintechs to treat user data as a fiduciary duty, not a business asset.
- Step 1 · The triggerRBI Governor signals that fintechs must treat user data as a fiduciary duty, raising regulatory expectations for data governance.
- Step 2 · Knock-onFintechs increase investment in compliance, audit, and consent controls, raising their operating costs and tightening onboarding or service terms for SME customers.
- Step 3 · Reaches youSMEs using fintech platforms may face higher fees, stricter data requirements, or onboarding delays, impacting operational efficiency and cost structure.
The trigger is reported by the source below. The steps that follow are Branch²’s traced reasoning — how the shock could reach a business like yours, not a prediction.
Source: IN:Economic Times
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