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Is your data in Kotak Mahindra Bank Safe? Legal experts say that Kotak Mahindra Bank may have violated Digital Personal Data Protection Act, 2023.

The article discusses the relation between the Digital Personal Data Protection Act 2023 and the RBI’s 2023 Master Direction on Outsourcing of Information Technology Services.

Recently, the Gujarat High Court bench of Justice Sangeeta K. Vishen observed that the Lender Banks must provide a reasonable opportunity to the Borrower by furnishing a copy of Audit Reports and...

The Indian FinTech ecosystem, the third largest in the world, is expected to reach a market size of US$ 150 billion by 2025. Digital lending has become a US$ 270 billion market in 2022. However, recent years have seen an increase in financial fraud and irregularities, leading to a lack of trust in the sector. The RBI has implemented regulations and guidelines to address these concerns, including registration requirements for FinTech companies and enhanced data privacy measures.

REL said in a regulatory filing that in March 2023, RFL, achieved a key milestone when it completed a One-Time Settlement (OTS) with 16 lenders through organic collections. The company paid more than Rs 9,000 crore to the lenders