fbpx

Draft Data Empowerment and Protection Architecture: NITI Aayog

  • IASbaba
  • September 14, 2020
  • 0
UPSC Articles
Print Friendly, PDF & Email

Draft Data Empowerment and Protection Architecture: NITI Aayog

Part of: GS Prelims and GS-III- IT; Cybersecurity

In news

  • Recently, the NITI Aayog has released draft Data Empowerment and Protection Architecture (DEPA).
  • Aim: To promote greater user control on data sharing.
  • Implemented by: RBI, SEBI, IRDAI, PFRDA and the Ministry of Finance

Key takeaways

  • DEPA will be empowering individuals with control over their personal data, by operationalising a regulatory, institutional, and technology design for secure data sharing.
  • It is designed as an evolvable and agile framework for good data governance.
  • It empowers people to seamlessly and securely access their data and share it with third party institutions.
  • The consent given under DEPA will be free, informed, specific, clear, and revocable.

Do you know?

  • Using DEPA, individuals and Micro, Small and Medium Enterprises (MSMEs) can use their digital footprints to access not just affordable loans, but also insurance, savings, and better financial management products.
  • The framework is expected to become functional for the financial sector starting fall 2020.
  • It will help in greater financial inclusion and economic growth.
  • Opening up an API-based data sharing framework would bring significant innovation by new fintech entities.
  • This architecture replaces costly and cumbersome data access and sharing practices that disempower individuals.

For a dedicated peer group, Motivation & Quick updates, Join our official telegram channel – https://t.me/IASbabaOfficialAccount

Search now.....