Financial Data Storage and Data Privacy: Issues Faced

With your participation and escalation by LocalCircles, two things that happened were RBI made it mandatory to store all financial in India and the Personal Data Protection Bill was finalised by MEITY and tabled in the Parliament. However, we continue to receive concerns about how financial frauds, both cyber frauds and on the ground frauds continue to take place leading to loss for common citizens.

We would like to seek your inputs on what have you experienced with different banks, payment platforms and sites that store your financial data. If you have experience any kind of fraud, kindly share details as well. We look forward to your inputs and will escalate the same to the various agencies for action. more  

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In order to keep data within the country, the government must encourage local companies to develop software and data centres to be used by all Indian agencies and discourage the use of data thieves like Facebook and TikTok. We should also develop our own search engine like China has done (Google is banned in China). What is the use of shouting from the rooftops that we are a software superpower if we can't do these simple things?

I had posted sometime back how an India software company Zoho.com (which is now a multinational with its corporate HQ at Chennai) can be encouraged by mandating that all Indian companies must use their products to ensure that data remains in Indian hands. All mobile companies with ties to China must be banned from operating in India and all their hardware and software banned.

Also, all Indian banks must be told to issue only Rupay cards to their customers (my experience is that unless we specifically ask, even the public sector banks by default issue either Visa or Master cards for use as debit cards). more  
there are two aspects of the issue. one is independence of finacial privacy and the other is regulatory control. we focus our attention on latter aspect only. most finacial irregularities are committed by educated people. so some way to inculcate spirit of nationality and observance of ethics and finacial discipline by the citizens, should be thought of. more  
while logging many web/net many are asking password of the individuals net connection. Moreover, while making financial transactions like money transfers, wallot maintaining institutions are asking details of our bank and also about our debit card. This is root cause of many financial frauds, both cyber frauds and on the ground frauds continue to take place leading to loss for common citizens. Hence asking password, debit card details to outsiders but be prohibited. more  
I use both Mastercard and VISA card. I feel the data is being stored outside the nation. Let someone more knowledgeable respond. more  
Incometax passwords should not be fixed by the department. It should be changeable by the tax payer. Lot of frauds are happening due to this.
Multiple KYC filing at intervals to banks also let everybody to know a person's Aadhar no., PAN no., and date of birth. Once filed this should be routed through some other department where it would remain confidential.
There should be a concrete way to ensure whether is a person is dead, invalid or in coma. Such persons should not lose their bank balance.
There should be a way to minimize disclosure of personal data except through authorised sources. more  
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