Overview
- The RBI released the draft Guidance on Regulatory Expectations for Data Governance on Wednesday, July 15 and is seeking public comments until August 17.
- Every regulated entity must create a central Data Function led by a senior officer not below the rank of Chief General Manager to run the data-governance framework.
- The draft mandates defined roles for Data Owners, Data Stewards and Data Custodians plus a Single Source of Truth, persistent metadata and end-to-end lineage for each data element.
- Regulated firms remain fully accountable for data handled by vendors or group companies and must restrict access, embed NDAs, encrypt transfers and keep auditable traceability of shared data.
- The guidance responds to repeated supervisory weaknesses and is framed as foundational work for the expected credit loss provisioning regime due from April 1, 2027, meaning many firms will need faster upgrades to staff, systems and vendor controls.