India, July 17 -- The RBI's proposed data governance framework could have significant implications for India's fintech ecosystem, even though the regulatory requirements are primarily directed at banks, NBFCs and other regulated entities.

The central bank's draft 'Guidance on Regulatory Expectations for Data Governance', released for public consultations earlier this week, makes it clear that regulated entities remain accountable for their data even when it is shared with or processed by fintech partners, digital lending platforms, cloud vendors and other technology service providers.

This also means that while fintechs may not directly fall under the ambit of the proposed framework, banks and NBFCs could increasingly require their tech...