Indian Banks are on a money spending spree to demonstrate their commitment to implementation of DPDPA. The Boards of the Banks appear to have not spared any effort to sanction budget for DPDPA Compliance.
But are the Banks spending their money wisely?
It appears that Banks are now investing their DPDPA budget mostly on purchase of software and in some cases hardware also. There is some investment on training and awareness but the level is very low when compared to the investments being made for IT.
DPDPA compliance is more of Governance than IT. Hence the prioritization of spending the DPDPA investment needs to be relooked by these Banks.
I urge the Chairmen of Banks and the Directors to review their proposed budget on DPDPA Compliance and check it against the above recommendations. This will a decision that is sustainable beyond your terms.
Naavi
