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.
Table of Contents
- Advisory Board Composition
- Role and Objectives
- About Equal and OneMoney
- Summary of the News
- FAQs About Equal’s Advisory Board and DPDP Act
- Conclusion
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.
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
Aspect | Details |
---|---|
New Appointment | Justice B.N. Srikrishna as Chairman of Equal’s Advisory Board |
Key Role | Strengthening data security, regulatory compliance, and ethical data practices |
About Equal | Identity verification platform integrating 50+ databases & 4,000+ API providers |
About OneMoney | RBI-licensed account aggregator managing 75M+ transactions/month |
Regulatory Impact | Supports DPDP Act & consent-based financial data-sharing |
Board Members | Former RBI Deputy Governors, UIDAI, Fintech & Corporate Governance Experts |
Founded | Equal (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