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NITI Aayog Proposes Open Banking to End User Data Monopoly
May 20, 2019
NITI Aagyog, the policy think tank of the Government of India, has proposed that user data, which is presently stored in the servers of a big company, be available to all companies, irrespective of their size. It will help eliminate data monopoly. Just a few tech giants in India have been given the right to store and process user data for their products.
The think tank is proposing that all data related to online transactions be stored in a central repository and be processed from there. Of course, NITI Aayog has recommended adequate safety and security measures to safeguard user privacy and data storage.
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