RBI: Reserve Bank of India has decided what information bank can collect from customer Reserve Bank of India says lending apps cannot store data other than KYC details

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RBI: Reserve Bank of India has decided what information bank can collect from customer Reserve Bank of India says lending apps cannot store data other than KYC details

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New Delhi: Financial fraud increases over time. Customer information is also tampered with, causing bank customers to face various types of fraud. This time, keeping customer protection in mind, the Reserve Bank of India has warned banks. A number of guidelines have been issued to ensure the protection of customer information. All banks and lenders have been urged to comply with these standards as soon as possible. All banks must follow this rule by November 30.

What is said in the RBI guidelines-

According to Reserve Bank of India guidelines, banks or other organizations cannot collect any information other than certain customer information. According to the guidelines, this rule will also apply to those taking out new loans. The banks had until November 30 to complete the whole process. Those who have already taken out a digital loan will also have to follow this rule.

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

Banks cannot collect information such as cell phone files, media, contact list, call log, phone, camera, microphone, location under any circumstances. Only the information necessary for KYC can be collected.

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