Axis Bank and Privy Pioneering the DPDP Act Compliance

Axis Bank partners with Privy by IDfy to become the first Indian bank to comply with the Digital Personal Data Protection Act of 2023. This collaboration focuses on enhancing data protection standards, customer trust, and compliance management, highlighting their commitment to ethics and transparency.

Axis Bank, a major player in India's private banking sector, has joined forces with Privy by IDfy to pioneer compliance with the Digital Personal Data Protection Act (DPDP Act) of 2023. This strategic partnership underscores Axis Bank's commitment to customer-centric principles, ethics, and transparency, prioritizing customer privacy.

The DPDP Act 2023 introduces stringent data protection mandates, including multi-language privacy notices, parental consent for minors, and privacy breach communications. Axis Bank's collaboration with Privy facilitates comprehensive regulatory reporting and sophisticated consent management through Data Protection Officer dashboards.

Axis Bank's President & Head of BIU, Mr. Balaji N., emphasized the importance of safeguarding customer information, describing the partnership as pivotal in meeting new data protection standards. CEO of IDfy, Ashok Hariharan, highlighted DPDP Act compliance as a means to build ecosystem trust, emphasizing technology's role in fostering transparency and customer relationships.

(With inputs from agencies.)