From the article:
The petitioner claimed that these companies were violating individuals' right to privacy by collecting, capturing, storing, maintaining and processing confidential and sensitive financial data and all banking details of consumers without their consent. These actions are in violation of the Credit Information Companies Regulation (CICR) Act, 2005, it is claimed.
The plea argues that these four companies, in collusion with the RBI and Central ministeries, are committing blatant violation of the right to privacy of more than one billion individual private citizens and all the business organisations operating in the country.
The petitioner argues that the principle of data localisation is blatantly violated, since the computer servers and even data storage systems of these companies are located outside India.
"The Respondents 5, 6, 7 & 8 after collecting ·the above mentioned sensitive data from all the Banks,' Financial Institutions and from various other sources, all illegally without the knowledge & by forced consent of the customers, literally dress up & repackage the sensitive confidential information of the customers and is put on SALE for all their members, for any type of lending institutions in the country or abroad and for the general public and profit from them in a very big way," the petitioner argued.
It is further claimed that a "parallel underworld economy" is thriving due to the credit scores and credit histories created by the four companies. Moreover, it is stated that the companies have an unethical, mutually beneficial business relationship with companies like Bank Bazaar, Paisa Bazaar, My Loan Care, Loan Adda and Credit Mantri.
www.moneylife.in
The petitioner claimed that these companies were violating individuals' right to privacy by collecting, capturing, storing, maintaining and processing confidential and sensitive financial data and all banking details of consumers without their consent. These actions are in violation of the Credit Information Companies Regulation (CICR) Act, 2005, it is claimed.
The plea argues that these four companies, in collusion with the RBI and Central ministeries, are committing blatant violation of the right to privacy of more than one billion individual private citizens and all the business organisations operating in the country.
The petitioner argues that the principle of data localisation is blatantly violated, since the computer servers and even data storage systems of these companies are located outside India.
"The Respondents 5, 6, 7 & 8 after collecting ·the above mentioned sensitive data from all the Banks,' Financial Institutions and from various other sources, all illegally without the knowledge & by forced consent of the customers, literally dress up & repackage the sensitive confidential information of the customers and is put on SALE for all their members, for any type of lending institutions in the country or abroad and for the general public and profit from them in a very big way," the petitioner argued.
It is further claimed that a "parallel underworld economy" is thriving due to the credit scores and credit histories created by the four companies. Moreover, it is stated that the companies have an unethical, mutually beneficial business relationship with companies like Bank Bazaar, Paisa Bazaar, My Loan Care, Loan Adda and Credit Mantri.
Supreme Court Issues Notice on Plea Alleging Privacy Violations By Credit Score Companies
The Supreme Court on Monday issued notice in a plea alleging right to privacy violations by four foreign credit information companies operating in India (Surya Prakash v. Union of India and Others).
