Minister of State for Finance Pankaj Chaudhary has said the government does not have any plan to merge or consolidate state-owned banks as of now. The clarification comes after reports claimed that the government was planning to merge smaller PSU banks into larger ones to create mega PSU lenders
Search panel for data protection board by December

The government will kick off the appointment process for chairperson and members of the Data Protection Board of India (DPBI) soon. A search-cum-selection committee under the cabinet secretary, and involving the secretaries from the electronics and information technology ministry and the Department of Legal Affairs, will be formed by next month for the purpose, officials said.
Notified on November 13, the Digital Personal Data Protection Rules rules put in place the country's new personal data governance regime that will regulate the processing and protection of personal data by all data fiduciaries. A separate notification issued that day established the DPBI as the compliance watchdog, armed with powers to impose massive penalties up to an unprecedented ₹250 crore, which will go into the Consolidated Funds of India. A third notification sealed the number of full- time members at four, apart from the chairperson.
ETtech While the rules are set to come into force in a staggered manner over the next 18 months, relevant provisions laying out the terms and procedures for the functioning of the DPBI, the process to appoint the chairperson and four other members, as well as their service guidelines are to come into effect immeadiately. "Provisions dealing with the DPBI came into effect immediately. This was done to prioritise its establishment as the process of appointments take time," said an official, who did not wish to be identified.
Key provisions of the rules, such as the registration of consent managers with the board, will come into effect after a year, while those detailing the security safeguards to be put in by data fiduciaries, their responsibilities during personal data breaches and the publishing of details of data protection officers will come into effect after 18 months.
Verifiable consent mechanisms for processing of personal data of children and disabled citizens will also kick in at that point.
While these would constitute the bulk of the DPBI's responsibilities, the government doesn't want to delay creating the four-member body, fearing a lengthy appointment process, the official said, adding, 'Also, having a fully functional board settled in its position before the provisions concerning the industry come into effect is a key priority for the government."
The latest rules allow citizens to file complaints online and track their cases through a dedicated portal and mobile application, while appeals against the board's decisions will be heard by the Telecom Disputes Settlement and Appellate Tribunal. "These features will be established and the process begun only once the board is constituted," said another official.
Source: EconomicTimes
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Minister of State for Finance Pankaj Chaudhary has said the government does not have any plan to merge or consolidate state-owned banks as of now. The clarification comes after reports claimed that the government was planning to merge smaller PSU banks into larger ones to create mega PSU lenders
3 months ago