“The architect of India’s data privacy framework now guards the gates of digital identity verification.” — On Justice Srikrishna’s appointment
In a significant development for India’s data security landscape, Retired Justice B.N. Srikrishna has been appointed as the Chairman of the Advisory Board for Equal, a leading identity verification and data-sharing platform, and its strategic investment, OneMoney, an RBI-licensed account aggregator.
This appointment comes at a crucial time when the government has published draft regulations for the Digital Personal Data Protection (DPDP) Act — legislation that originated from Justice Srikrishna’s own committee recommendations in 2018. The move underscores India’s commitment to building robust data protection frameworks in the fintech ecosystem.
👤 Who is Justice B.N. Srikrishna?
Justice Billiganahalli Narayana Srikrishna is a former Judge of the Supreme Court of India, widely recognized as the architect of India’s data protection framework. He chaired the Committee of Experts on Data Protection (2017-2018) that drafted the foundational Personal Data Protection Bill.
Before his Supreme Court tenure, Justice Srikrishna served as a Judge of the Bombay High Court and was elevated to the Supreme Court in 2002. He also headed the Srikrishna Committee that investigated the 1992-93 Mumbai riots and the 2006 committee on financial sector reforms.
Think of Justice Srikrishna as the person who wrote the rulebook for how India should protect your personal data. Now, he is joining a company that handles identity verification to ensure they follow those very rules he helped create. It is like the person who designed traffic laws becoming a driving instructor.
👥 Advisory Board Composition
The newly established Advisory Board comprises distinguished leaders from banking, governance, fintech, and corporate sectors:
| Member | Former Position | Expertise |
|---|---|---|
| Justice B.N. Srikrishna | Supreme Court Judge | Data Privacy, Legal Framework |
| Jagdish Capoor | Deputy Governor, RBI | Banking Regulations |
| Rakesh Mohan | Deputy Governor, RBI | Economic Policy, Financial Governance |
| Anand Sinha | Deputy Governor, RBI | Banking Sector Reforms |
| J. Satyanarayana | Chairman, UIDAI | Aadhaar, E-Governance |
| Ajay Prakash Sawhney | Secretary, MeitY | UPI, DigiLocker Architecture |
| P.H. Ravikumar | Founding CEO, NCDEX | Financial Services |
| Anitha Ramachandran | Independent Director | Corporate Governance, HR |
| Sunil Kulkarni | Fintech Specialist | Digital Banking (30+ years) |
RBI Connection: The board includes THREE former RBI Deputy Governors — Jagdish Capoor, Rakesh Mohan, and Anand Sinha. This heavy RBI representation signals strong focus on regulatory compliance and financial data security.
🏢 About Equal & OneMoney
Equal was founded in 2022 by Keshav Reddy and Rajeev Ranjan. It provides identity authentication services by integrating over 50 identity databases and 4,000+ API providers. Major clients include WeWork, L&T, TVS, Aragen, Emri, Achala, and Hetero.
OneMoney is an RBI-licensed account aggregator that enables secure, consent-based financial data sharing. In August 2024, Equal made a strategic investment in OneMoney, expanding its capabilities in the account aggregator ecosystem.
Together, Equal and OneMoney process 75 million+ monthly transactions for over 250 organizations, making them significant players in India’s digital identity and financial data infrastructure.
Account Aggregators are like secure data couriers. Instead of you sharing bank statements manually with a loan provider, an account aggregator fetches your financial data with your consent — securely and instantly. OneMoney does exactly this under RBI supervision.
🎯 Role & Objectives of the Advisory Board
The Advisory Board will oversee Equal and OneMoney’s operations in four critical areas:
- Regulatory Compliance: Ensuring adherence to data protection laws, particularly the DPDP Act and RBI guidelines
- Ethical Data Practices: Promoting responsible, transparent, and consent-driven data usage
- Governance Frameworks: Establishing robust data management policies and internal controls
- Technological Innovation: Encouraging secure data-sharing solutions while maintaining privacy standards
⚖️ Connection to DPDP Act
The Digital Personal Data Protection (DPDP) Act, 2023 forms the cornerstone of India’s personal data protection framework. Justice Srikrishna’s committee in 2018 drafted the foundational recommendations that eventually evolved into this legislation.
The Act mandates consent-based data processing, establishes the Data Protection Board, and imposes significant penalties for violations. With draft rules now published, companies like Equal must ensure full compliance — making Justice Srikrishna’s appointment strategically significant.
Don’t confuse: The DPDP Act was passed in 2023, not 2018. The 2018 Srikrishna Committee drafted the Personal Data Protection Bill, which underwent multiple revisions before becoming the DPDP Act in 2023. Also, the Act applies to digital personal data only, not all personal data.
🌍 Significance & Impact
This appointment carries multi-dimensional significance:
- Credibility Boost: Having the architect of India’s data privacy framework adds immense credibility to Equal’s operations
- Regulatory Navigation: The board’s expertise will help navigate the evolving DPDP Act compliance requirements
- Industry Signal: Indicates growing maturity of India’s fintech sector in embracing governance best practices
- Consumer Trust: Strengthens trust in identity verification and account aggregation services
- Policy-Practice Bridge: Creates a direct link between policymakers and industry implementation
This appointment exemplifies the “revolving door” between public policy and private sector — but in a positive sense. When regulatory experts join industry advisory roles, they can ensure compliance while also providing feedback to improve regulations. Discuss: Should there be cooling-off periods for such appointments?
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Retired Justice B.N. Srikrishna has been appointed Chairman of Equal Advisory Board. He is known for chairing the 2017-18 Data Protection Committee.
Equal was founded in 2022 by Keshav Reddy and Rajeev Ranjan as an identity verification platform.
OneMoney is an RBI-licensed account aggregator that enables consent-based financial data sharing.
Equal and OneMoney together process over 75 million monthly transactions for 250+ organizations.
The Advisory Board includes THREE former RBI Deputy Governors: Jagdish Capoor, Rakesh Mohan, and Anand Sinha.
