New Delhi, July 16 -- The Reserve Bank of India (RBI) has proposed a comprehensive data governance framework requiring banks, non-banking financial companies (NBFCs) and other regulated entities to strengthen data risk management as part of their overall risk management systems.

It says "Data has increasingly emerged as a critical organisational asset for Regulated Entities (REs), underpinning business operations, customer service, financial reporting, regulatory compliance, risk management, and strategic decision-making."

According to the RBI's draft guidelines, the proposed framework lays down regulatory expectations on data governance, including governance structures, roles and responsibilities, data architecture, metadata and lineag...