Digital Payments

NITI Aayog recommends data security norms for digital payments

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NITI-AayogThink tank the NITI Aayog has talked about the need to formulate a comprehensive framework on data protection, specially covering digital transactions.

Observing the recent rise in the usage of digital transactions, the National Institution for Transforming India (NITI Aayog) has suggested the requirement to safeguard the e-payments.These recommendations were presented in Aayog’s three-year action plan.

“Currently, India has no comprehensive privacy or data protection laws that cover digital payments specifically. Section 43(A) of the Information Technology Act (ITA), offers basic protection,“ said  NITI Aayog in its three-year action plan.

“Data related to digital transactions could be sold and the consequences would be unpredictable. Increasing the number of digital transactions also means the generation of data around these transactions,“ the report said.

Keeping transparency perspective in mind, NITI Aayog in its report suggested the requirement to have better governance to prevent tax evasion.

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