Retired Justice B.N. Srikrishna Takes Helm as Chairman of Equal’s Advisory Board

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Retired Justice B.N. Srikrishna Takes Helm as Chairman of Equal’s Advisory Board

Introduction

In a significant development aligning with India’s intensified focus on data security and privacy, Retired Justice B.N. Srikrishna has been named the Chairman of the newly formed Advisory Board for Equal, a prominent identity verification and data-sharing platform, and its strategic investment, OneMoney, an account aggregator. This appointment coincides with the government’s recent publication of draft regulations for the Digital Personal Data Protection (DPDP) Act, underscoring a robust regulatory emphasis on safeguarding personal data.

Justice B.N. Srikrishna appointed as Chairman of Equal’s Advisory Board for data security and compliance.

Table of Contents

Advisory Board Composition

The newly established Advisory Board includes esteemed leaders from various sectors:

  • Justice B.N. Srikrishna: Former Supreme Court Judge and key figure in India’s data privacy landscape.
  • Jagdish Capoor: Former Deputy Governor of RBI, known for his contributions to banking regulations.
  • Rakesh Mohan: Former Deputy Governor of RBI, an expert in economic policy and financial governance.
  • Anand Sinha: Former Deputy Governor of RBI, played a key role in banking sector reforms.
  • J. Satyanarayana: Former UIDAI Chairman, instrumental in Aadhaar and e-governance.
  • Ajay Prakash Sawhney: Former Secretary of the Ministry of Electronics and IT, key architect behind UPI and Digilocker.
  • P.H. Ravikumar: Founding CEO of NCDEX, a leader in financial services.
  • Anitha Ramachandran: Independent director with expertise in corporate governance and HR.
  • Sunil Kulkarni: Fintech specialist with three decades of experience in digital banking.

Role and Objectives

The Advisory Board will oversee Equal and OneMoney’s operations in key areas:

  • Regulatory Compliance: Ensuring adherence to data protection laws, particularly the DPDP Act.
  • Ethical Data Practices: Promoting responsible and transparent data usage.
  • Governance Frameworks: Establishing robust data management policies.
  • Technological Innovation: Encouraging secure, consent-driven data-sharing solutions.

About Equal and OneMoney

Equal, founded in 2022 by Keshav Reddy and Rajeev Ranjan, provides identity authentication services by integrating over 50 identity databases and 4,000+ API providers. Clients include WeWork, L&T, TVS, Aragen, Emri, Achala, and Hetero.

In August 2024, Equal invested in OneMoney, an RBI-licensed account aggregator, enhancing consent-based financial data sharing. Together, Equal and OneMoney process 75 million monthly transactions for over 250 organizations.

Summary of the News

Why in News: Key Points

  • Justice B.N. Srikrishna appointed as Chairman of Equal’s Advisory Board.
  • Equal specializes in identity verification, while OneMoney focuses on account aggregation.
  • Board members include former RBI Deputy Governors and fintech leaders.
  • Equal integrates 50+ identity databases, serving major corporations.
  • OneMoney manages 75M+ monthly transactions, reinforcing India’s data protection efforts.
  • DPDP Act forms the cornerstone of India’s personal data protection framework.
  • Equal was founded in 2022; OneMoney investment occurred in August 2024.

Equal and OneMoney’s role in data protection, identity verification, and compliance with DPDP Act.

FAQs About Equal’s Advisory Board and DPDP Act

  • What is Equal’s Advisory Board responsible for? The board ensures data security, regulatory compliance, and ethical data-sharing practices.
  • How does OneMoney enhance data-sharing capabilities? As an RBI-licensed account aggregator, it enables secure, consent-based financial data sharing.
  • What is the significance of the DPDP Act? Drafted by Justice B.N. Srikrishna’s committee in 2018, it forms the basis of India’s data protection regulations.
  • Who are some of the key members of the Advisory Board? It includes Justice B.N. Srikrishna, former RBI Deputy Governors, fintech specialists, and corporate governance experts.
  • What does Equal’s integration with identity databases mean? Equal streamlines identity verification by linking to 50+ identity databases and 4,000+ API providers.

Conclusion

The appointment of Justice B.N. Srikrishna as Chairman of Equal’s Advisory Board marks a strategic step in reinforcing data security in India’s digital ecosystem. With an illustrious board comprising experts in banking, governance, and fintech, Equal and OneMoney are well-positioned to navigate India’s evolving data protection landscape.

This initiative underscores India’s commitment to strong data security frameworks and fosters collaboration between industry leaders and regulatory bodies to build a secure and transparent digital environment.

Key Takeaways Table

AspectDetails
New AppointmentJustice B.N. Srikrishna as Chairman of Equal’s Advisory Board
Key RoleStrengthening data security, regulatory compliance, and ethical data practices
About EqualIdentity verification platform integrating 50+ databases & 4,000+ API providers
About OneMoneyRBI-licensed account aggregator managing 75M+ transactions/month
Regulatory ImpactSupports DPDP Act & consent-based financial data-sharing
Board MembersFormer RBI Deputy Governors, UIDAI, Fintech & Corporate Governance Experts
FoundedEqual (2022), OneMoney (Investment in 2024)

Related terms

  • Justice B.N. Srikrishna Data Protection Advisory
  • Equal & OneMoney Data Security India
  • DPDP Act Compliance and Fintech
  • B.N. Srikrishna Leads Digital Privacy Board
  • India’s Data Protection & Account Aggregation
  • Fintech Security & RBI Guidelines
  • Digital Personal Data Protection Act 2024
  • OneMoney RBI Licensed Account Aggregator
  • India’s Data Privacy Governance
  • Equal Identity Verification & Digital Banking

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