RBI: Reserve Bank of India decided what information the bank can collect from the customer Reserve Bank of India says Lending Apps cannot store data other than KYC Details

RBI: Reserve Bank of India decided what information the bank can collect from the customer Reserve Bank of India says Lending Apps cannot store data other than KYC Details
RBI: Reserve Bank of India decided what information the bank can collect from the customer Reserve Bank of India says Lending Apps cannot store data other than KYC Details

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New Delhi: Financial fraud is increasing with time. Customers’ information is also being falsified, due to which bank customers have to face various types of fraud. This time keeping in mind the protection of customers, the Reserve Bank of India has warned the banks. A number of guidelines have been issued to ensure that customer information is protected. All banks and lenders have been asked to comply with these norms as soon as possible. All banks have to follow this rule by November 30.

What is said in the RBI guidelines-

According to the guidelines of the Reserve Bank of India, banks or other organizations cannot collect any information other than certain information about the customer. According to the guidelines, this rule will also apply to those who take new loans. Banks have been given time till November 30 to complete the entire process. Those who have already taken a digital loan will also have to follow this rule.

Lenders or digital lender apps may not collect any personal information other than name, address, contact number of customers. According to the RBI guidelines, it is the lending institution’s responsibility to protect and secure the customer’s information. The data collected from customers is directed to be collected on servers located in India. All instructions regarding this should be followed.

Banks cannot collect information like mobile phone files, media, contact list, call log, telephone, camera, microphone, location in any way. Only the information required for KYC can be collected.

The article is in Bengali

Tags: RBI Reserve Bank India decided information bank collect customer Reserve Bank India Lending Apps store data KYC Details

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