I am of the strong opinion that the Reserve Bank of India and all other leading banks in India including the Public Sector banks, Multinational banks & Private sector banks have joined together & have colluded with the Credit Information Companies popularly known as “Credit Bureaus” are Committing “Data Theft” & indulging in blatant abuse of “Data Privacy” and “Right to Privacy” which is our Fundamental Right, guaranteed by the Constitution of India.
It is a very common knowledge that the Supreme Court of India has declared “Right to Privacy” as a Fundamental right and has a comprehensive legislation on data protection.
Recently a Nine Judge Supreme Court bench unanimously ruled that Privacy is a fundamental right, protected as an intrinsic part of the right to life and personal liberty and as part of the freedoms guaranteed by the Constitution of India. With six separate judgments from six different learned Judges of the Supreme Court of India, clearly established “Privacy” as a fundamental right of the Citizens. Right to Privacy is protected as an intrinsic part of right to life and personal liberty under Article 21 and as part of the freedoms guaranteed by the Part III in the Constitution.
I am quite surprised that even after the Supreme Court of India has passed the verdict upholding the “Right to Privacy” as sacrosanct and as fundamental rights of the citizen guaranteed by the constitution of India, the Government of India owned Reserve Bank of India has not bothered to change or modify the system in any way nor any attempt has been made to change.
Now coming to the crux of the matter, I am very much intrigued and perplexed, how the Reserve Bank of India has authorized and given permission for these Credit Information Companies’ popularly called “Credit Bureaus” namely CIBIL, Equifax, Experian and High Marks to operate in this country so very freely.
I am unable to understand the fundamental basis, how these Credit Information Companies operate and on what fundamental logic, these Credit Information Companies exists. They are abusing even the basic Civil Liberties including “Right to Privacy” guaranteed by the Constitution of India. Apart from abusing “Right to Privacy”, they are also involved, blatantly in committing even “Data Theft” of millions of bank customers across the country which is nearly 70-80 % of the country’s population.
I am strongly convinced that these Credit Information Companies are very actively involved not only in the Invasion & Intrusion of “PRIVACY RIGHTS” of all Bank Customers across the Country, which amounts to nearly 70-80% of Citizens of this Country but are also involved in “Data Theft” of all bank customers across India despite knowing very well that there are various “Data Protection” laws in this country.
Credit Information Companies capture every minute banking details even from multiple banks & financial institutions (where ever we are doing our transactions) without our permission and without our knowledge and this nothing but abusing our “Right to Privacy” especially the “Data Privacy”.
Now the whole world is debating “Data Privacy”. When we talk about “Data & Privacy” it does not necessarily mean only the data related to the social media platforms. Are these data concerning citizen’s financial transactions & private dealings not as sacrosanct as data in the social media?
The Credit Information Companies are fully responsible & accountable for the abuse of “Data Privacy” and for the citizens “Right to Privacy”, after all even these Credit Information Companies are dealing in “Data” which in fact is much more important & sacrosanct than the data available in the social media platforms since they are all related to an individual complete Financial details and Banking transactions, where even the minute details are captured, stored & sold without the knowledge of the customer, all clandestinely ?
My main question is – Why & what is the need for all the Banks & Financial Institutions to report to some private non-governmental organisations, whose main motive will always be to make more money & more profit?? How can the Reserve Bank of India trust these private companies so very blindly with our sensitive financial data? On what basis, has the Reserve Bank of India given permission for these 4 Credit Information Companies to operate in our country, with so much of impunity?