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.
