Fintech cos in spot as RBI rules clash with GDPR

With the European Union (EU) implementing General Data Protection Regulation (GDPR) from May 25, awareness of individual information security has increased among those active on social media. According to industry players and experts, deleting customer data is not possible under current laws for fintech players. The RBI and income tax (I-T) regulations mandate that all financial institutions maintain customers’ records for a period of seven-10 years. The mandated period goes up to 15 years or more for suspicious financial transactions.

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