No financial information of the customer is to be retrieved, shared, or transferred without the explicit consent of the customer. The other tenets of this open banking initiatives in India are – financial data integrity, security & confidentiality, robust IT governance & controls, and strong customer protection & grievance redressal mechanism.
While every country has to make judgements and decisions in the light of its own particular circumstances - and certainly no two countries are exactly alike - some of the things we learnt may have relevance to other countries also. Lessons from New Zealand: encourage banks to behave prudently First, it is important that banks are given every incentive to behave prudently.