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Indian private sector lender Axis Bank has forged a partnership with Privy by IDfy to ensure compliance with the Digital Personal Data Protection Act (DPDP Act) 2023.
The DPDP Act 2023 sets a new benchmark for data protection and accountability, introducing legal requirements such as privacy notices in multiple languages, consent artifacts, verifiable parental consent for minors, privacy breach notifications, and consent nominations.
Axis Bank, as a Data Fiduciary, will leverage Privy's solutions to meet these obligations comprehensively.
Privy's partnership will enable Axis Bank to offer regulatory reporting and create dashboards for the Data Protection Officer (DPO) to oversee customer consent activities.
These dashboards will detail when consent was given, altered, or withdrawn, enhancing transparency and control over personal data.
Axis Bank Business Intelligence unit president and head Balaji N said that the “partnership with Privy marks a significant milestone in strengthening our commitment to the new data protection standards set by the DPDP Act.
“By integrating Privy's advanced solutions, we are enhancing compliance, safeguarding customer information, and elevating our services."
Privy, an initiative by the IDfy group, aids organisations to manage consent effectively and address the complexities of data protection laws.
As India's “first” suite of DPDPA solutions, Privy provides instant compliance checks, monitoring of digital journeys, personal-data discovery, consent governance, and DPO dashboards for privacy management controls.
With the integration of Privy's suite, Axis Bank can navigate data privacy challenges, ensuring full compliance and fostering trust with customers.
IDfy's Integrated Identity Platform offers a range of services including KYC, background verifications, and digital onboarding, establishing trust while providing a seamless experience.
IDfy CEO Ashok Hariharan said: “DPDP Act compliance is not to be looked at as a compliance requirement but as a way to build trust in the ecosystem. We are proud to be working with Axis Bank on this initiative to establish trust in the ecosystem.”
"Axis Bank partners with Privy by IDfy to ensure DPDP Act compliance" was originally created and published by Retail Banker International, a GlobalData owned brand.
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