Axis Bank partners with Privy by IDfy for DPDP Act compliance

By Gloria Methri

Axis Bank has partnered with Privy by IDfy to become the first bank in India to implement compliance with the Digital Personal Data Protection Act (DPDP Act) 2023.

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 artefacts, 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 the 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 of – the Business Intelligence Unit (BIU) at Axis Bank, said, “At Axis Bank, we take the privacy of our customer’s data and earn 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, one of Asia’s leading Integrated Identity Platforms. Privy empowers organisations 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.”