Page 53 - Banking Finance August 2025

ARTICLE

and implement robust technical controls" (8). This is a costly fundamental to managing data in a responsible and
exercise and requires a high level of investment in compliant way. Thus, the logical way forward for banks will
technology and other resources. The potential benefits, on be to leverage a combination of existing PET solutions and
the other hand, can be reaped over the long run. other emerging technologies to maintain the sanctity of
Committing such a huge investment will be challenging for personal data while also driving innovative service offerings.
small-size banks. It is worth remembering that Banking is a business built on
trust and PET's will help banks enhance trust.
Deficiency of Skill & Competency - Use of PETs involves
complex technical processes. Effective implementation can References:
be done only by skillful professionals who are trained in Data
1) Privacy Enhancing Technologies: Global and Cross-
Sciences. Not all Indian banks will have the requisite human Sectoral Regulatory Insights- Data Security Council of
resources to implement PETs. As such, banks will require the India (DSCI) and Aldefi (2024).
help of outside experts to integrate PETs in data protection 2) Privacy Enhancing Technologies - A Review of Tools and
efforts.
Techniques Office of the Privacy Commissioner of Canada,
(2017).
Conclusion:
3) Need for Syncing Sectoral Regulations with Data
The concept of using technology to protect customer Protection Law , (cyrilamarchandblogs.com) By Arjun
data is not new to banks. Banks have been doing so for a Goswami & Aayushi Bindal ,May 29, 2024.
long time. But as data driven innovations surge in the 4) RBI Master Direction - Know Your Customer (KYC)
banking and financial landscape, newer privacy threats will
Direction, 2016 (Updated as on January 04, 2024).
continue to surface, requiring innovative solutions. The
5) OECD Digital Economy Papers, Emerging Privacy
growing influence of privacy activism will make today's
Enhancing Technologies: Current Regulatory & Policy
generation of banking customers more conscious of their
Approaches' (2023).
privacy rights.
6) The Digital Personal Data Protection Act, 2023 (No.22 of
They will demand that their personal information is handled 2023),11th August 2023 published by Ministry of Law and
in ways that are ethical, compliant, and to their benefit. Justice, Government of India
Regulators, quite expectedly, will further tighten the norms 7) Bank of Japan, 'Privacy Enhancing Technologies:
for safe and secure processing of personal data in banks. Payments and Financial Services in a Digital Society'
Banks will be expected to dedicate greater efforts and (January 2023).
resources to safeguarding their customers' privacy.
(Views & opinions expressed in the article are mine and not
As privacy regulations keep evolving, PETs will remain of the Bank)

Rs. 700 Crore EV Park Planned in Kanpur to Boost Indigenous Manufacturing
The Uttar Pradesh government will establish a Rs. 700 crore electric vehicle (EV) park in Kanpur under its Vision
2030 plan, aiming to position the city as a key manufacturing hub in India's EV ecosystem. The park will span 500
acres near Bhimsen along the dedicated freight corridor and be developed by UPSIDA under a public-private part-
nership model.
The project aims to boost local manufacturing of EV components such as electric motors, chassis, lithium-ion cells,
battery packs, chargers, and controllers. The initiative will also include a dedicated research and development (R&D)
center to drive innovation and support advanced product development.
According to the official statement, the EV park will strengthen the regional supply chain and promote indigenous
production capabilities. The state expects the park to not only accelerate EV adoption but also contribute signifi-
cantly to India's clean mobility goals and enhance the country's global standing in electric transportation technology.

48 | 2025 | AUGUST | BANKING FINANCE