New Delhi, July 17 -- The Reserve Bank of India (RBI) has proposed a comprehensive data governance framework to enhance how banks and financial institutions manage data risks.

The draft guidelines require regulated entities to integrate data governance into their overall risk management systems, recognising data as a critical organisational asset.

The central bank has invited public feedback on the proposal until August 17.

Wide Applicability Across Financial Sector

The proposed framework will apply to a broad set of regulated entities, including commercial banks, small finance banks, payments banks, cooperative banks, regional rural banks, non-banking financial companies (NBFCs), asset reconstruction companies and credit information ...