RBI's Data Governance Draft Sparks Compliance Spending by Banks

The Reserve Bank of India has proposed new rules for banks to better manage and protect their data.

This means banks will need to spend more money to hire new people like Chief Data Officers and set up systems to keep track of their data.

Some banks are already preparing for these changes, but experts say it will be a big task, especially for older banks with outdated systems.

The rules also make the board of directors responsible for data governance, which is a big change.

While banks understand the importance of these rules, they are also worried about the cost and the time it will take to implement them.

The rules are still in draft form, and banks are asking for more guidance on how to put them into practice.