PRNewswire
Mumbai (Maharashtra) [India], February 18: Axis Bank, one of the largest private sector banks in India, has partnered with Privy by IDfy to become the first bank in India to implement compliance for the Digital Personal Data Protection Act (DPDP Act) 2023. This collaboration highlights the Bank's dedication to customer centricity, ethics, and transparency, ensuring that customer privacy remains a top priority.
The DPDP Act 2023 establishes new standards for data protection and accountability. The Act brings out several new legal requirements such as providing privacy notices in 22 languages, collecting and maintaining consent artifacts, obtaining verifiable parental consent for minors, communicating on privacy breaches, and administering consent nominations.
In addition to the above, the partnership with Privy will enable Axis Bank, a Data Fiduciary under the Act, to provide comprehensive regulatory reporting. It will also facilitate the creation of dashboards for Data Protection Officer (DPO) to monitor and track customer consent activities, including when consent was given, modified, or revoked.
Speaking about the partnership, Balaji N., President & Head - Business Intelligence Unit (BIU), Axis Bank, said, "At Axis Bank, we take the privacy of our customer's data and earning customer trust seriously. In that regard, our 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 is an initiative by the IDfy group, Asia's leading Integrated Identity Platform. Privy empowers organizations like Axis Bank to simplify consent management and navigate complex data protection requirements. This partnership underscores the critical role technology plays in fostering trust and transparency in customer relationships.
Ashok Hariharan, CEO of IDfy, says, "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."
About Privy:
Privy is India's first suite of DPDPA solutions brought to you by IDfy. The Privy suite offers instant compliance checks, monitoring of digital journeys, personal-data discovery, consent governance (from collection to deletion), and Data Protection Officer dashboards for privacy management controls.
With Privy, you can confidently navigate the complexities of data privacy and protection, ensuring your organization is fully compliant and building trust with your users.
For more information, contact: https://www.privyone.com/
About IDfy
IDfy is an Integrated Identity Platform offering products and solutions for KYC, KYB, Background Verifications, Fraud and Risk Mitigation, Digital Onboarding and Digital Privacy. We establish trust while delivering a frictionless experience for you, your employees, customers and partners.
Only IDfy combines enterprise-grade technology with business understanding and has the widest breadth of offerings in the industry. With more than 13 years of experience and 2 million verifications per day, we are pioneers in this industry.
About Axis Bank:
Axis Bank is one of the largest private sector banks in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture, and Retail Businesses. With its 5,706 domestic branches (including extension counters) and 14,476 ATMs across the country as on 31st December 2024. The network of Axis Bank spreads across 3,122 centres, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge, Axis Pension Fund and Axis Bank Foundation.
For further information on Axis Bank, please refer to the website: https://www.axisbank.com
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