The Privacy Judgment and Financial Inclusion in India

Economic & Political Weekly (EPW), Vol LII No. 51, 2017

4 Pages Posted: 13 Feb 2020

Date Written: December 23, 2017

Abstract

Technology promises to overcome traditional barriers to financial inclusion, in particular by harnessing insights from consumers’ personal data. However, use of personal data creates new risks for consumers. Service providers must build consumers’ trust, a necessary precondition to increased participation in formal finance. The Supreme Court of India's judgment in K Puttaswamy v Union of India (2017) frames the use of personal data within the rubric of informational privacy, and in doing so provides guidance about how data practices and regulation in finance can evolve to align with citizens’ rights and reasonable expectations of informational privacy.

Keywords: privacy, financial inclusion, India, law, technology, consumer protection, data protection, informational privacy, finance

JEL Classification: I30, K39, K00, K29, O17, O33, O35, Z18

Suggested Citation

Raghavan, Malavika, The Privacy Judgment and Financial Inclusion in India (December 23, 2017). Economic & Political Weekly (EPW), Vol LII No. 51, 2017. Available at SSRN: https://ssrn.com/abstract=3522481

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