Customer privacy, data protection are non-negotiable: RBI deputy Governor M Rajeshwar Rao Open banking refers to sharing and leveraging of customer-permissioned data by banks with third party developers and firms to build applications and services. Share Via Email | A+A A- By PTI MUMBAI: Reserve Bank Deputy Governor M Rajeshwar Rao has said that technological innovation in banking is of paramount importance but cannot be pursued at the cost of customer privacy and data protection which are non-negotiable. "We must generate trust amongst the customers that their data is safe and secure in all their financial relationships with regulated entities and for that - innovation and regulation should go hand-in-hand," he said while speaking at a webinar on Open Banking organised by Tata Consultancy Services (TCS) in association with the Embassy of India in Brazil on April 14.