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
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
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