Supreme Court Agrees To Hear Plea Alleging Data Privacy Violation By Foreign Credit Information Companies

The Supreme Court on Monday issued notice in a Public Interest Litigation which seeks directions to the Ministry of Finance, RBI, Ministry for Electronics & Information Technology and Ministry of Home Affairs to take appropriate steps against four foreign credit information companies for alleged financial data privacy violation of citizens. CICR Act regulates credit information companies by ensuring that there is no breach of confidential information of the banking data and citizens. Guidelines are laid down as per the Act which monitors the collection, storage, and dissemination of credit information, ensuring consumer privacy and data security, and facilitating efficient credit markets. The 12 main principles which have been violated by the present CICs as contended by the Petitioner are : 4.1: Privacy Principle on Personal Data ; 4.2: Privacy Principle on "Care in collection of Credit Information"; 4.3: Privacy Principle on "Personal Data Collection Purpose"; 4.4: Privacy Principle on "Personal Data Preservation/ Archiving" ; 4.5: Privacy Principle on "Data Security & Secrecy" ; 4.6: Privacy Principle on "Data Collection Limitation" ; 4.7: Privacy Principle on "Data Accuracy & Security of Credit; Information" - Abused & Violated; 4.8: Privacy Principle on "Unauthorized access to Credit Information" ; 4.9: Privacy Principle on "Access & Modification "of Credit Information ; 4.10: Privacy Principle on "Data Use Limitation" ; 4.11: Privacy Principle on "Alteration of Credit Information files & Credit Reports"; 4.12: Privacy Principle on "Offenses & Penalties" The matter will now be heard on July 15.