Mumbai: Axis Bank has partnered with Privy by IDfy to become the first bank in the country to implement compliance measures under the Digital Personal Data Protection Act (DPDP Act) 2023. This collaboration highlights the bank’s commitment to customer privacy, ethics, and transparency.
Understanding the DPDP Act 2023
The DPDP Act 2023 introduces new legal requirements aimed at strengthening data protection and accountability. Some key provisions include:
- Providing privacy notices in 22 languages
- Collecting and maintaining consent records
- Obtaining verifiable parental consent for minors
- Communicating privacy breaches to customers
- Administering consent nominations for data usage
Enhancing Compliance Through Technology
Through this partnership, Axis Bank, categorized as a Data Fiduciary under the Act, will benefit from Privy’s expertise in regulatory reporting and consent management. The collaboration will enable the bank to create dashboards for its Data Protection Officer (DPO) to monitor and track customer consent activities in real-time, including when consent is given, modified, or revoked.
Strengthening Customer Trust Through Collaboration
Balaji N., President & Head of the Business Intelligence Unit (BIU) at Axis Bank, emphasized that safeguarding customer data is a top priority. He stated that the integration of Privy’s solutions would enhance compliance, protect customer information, and elevate the bank’s overall service standards.
Privy, an initiative by the IDfy group, provides organizations with advanced solutions to simplify consent management and navigate complex data protection requirements. Ashok Hariharan, Chief Executive Officer (CEO) of IDfy, highlighted that DPDP Act compliance should be seen as a step towards building trust in the ecosystem rather than just a regulatory requirement.
This strategic alliance showcases how technology-driven solutions can strengthen data protection frameworks, ensuring a more secure and transparent financial ecosystem.
