Axis Bank has partnered with Privy by IDfy to become the first bank in the country to implement compliance with the Digital Personal Data Protection (DPDP) Act 2023. This collaboration underscores the bank’s commitment to customer-centricity, ethical banking and transparency, while ensuring the highest standards of data privacy.
The DPDP Act 2023 introduces stringent regulations for data protection, including privacy notices in 22 languages, maintaining consent records, obtaining verifiable parental consent for minors, addressing privacy breaches, and facilitating consent nominations.
As a Data Fiduciary under the Act, Axis Bank will leverage Privy’s solutions to enhance regulatory reporting, enable real-time monitoring of customer consent activities, and provide a dedicated dashboard for its Data Protection Officer (DPO). This will allow seamless tracking of consent modifications, approvals and revocations, ensuring compliance with evolving data protection norms.
Commenting on the partnership, Balaji N, President and Head—Business Intelligence Unit (BIU), Axis Bank, said, “At Axis Bank, customer trust and data privacy are paramount. Our collaboration with Privy marks a key milestone in aligning with the DPDP Act’s enhanced data protection framework. By integrating Privy’s advanced solutions, we are strengthening compliance, safeguarding customer data, and enhancing overall service quality.”
Privy, an initiative by IDfy, enables organisations to streamline consent management and navigate complex data-protection requirements.
Ashok Hariharan, Co-Founder and CEO, IDfy, emphasised, “DPDP Act compliance goes beyond regulatory requirements; it is a crucial step in building trust within the ecosystem. We are proud to partner with Axis Bank to foster transparency and reinforce trust in digital interactions.”
This strategic collaboration highlights the pivotal role of technology in ensuring data security and reinforcing customer confidence in the evolving digital landscape.
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