In a bid to strengthen India's regulatory environment, Reserve Bank Deputy Governor Rao has proposed the establishment of a specialized institute dedicated to training sector-specific regulators. The proposal, made today, emphasizes the importance of meticulous drafting and foresight in regulation.
Rao underscored the necessity of mastering theoretical regulatory frameworks amidst the growing pool of regulators in India. He asserted that strict compliance with the Digital Personal Data Protection Act, 2023 is crucial, pressing financial institutions to implement robust data governance frameworks. This move is aimed at ensuring responsible data handling in an era increasingly defined by digital transactions and data security concerns.
Furthermore, Rao pointed out grey areas in existing regulations that are often exploited by certain business models. He insisted on the importance of regulatory intervention to address these loopholes, reinforcing the need for a comprehensive and effective regulatory system.
The proposed specialized institute aims to equip regulators with the necessary skills and knowledge to navigate complex regulatory landscapes. It is expected to play a pivotal role in shaping India's regulatory future by fostering a culture of precision and foresight in drafting regulations.
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