There is a need to adopt a rights-based privacy framework in household finance rather than the widely prevalent consent-based approach, a Reserve Bank panel has said.
"(We) suggest adoption of a rights-based privacy framework in contrast with the more common consent-based privacy framework," the report of the Household Finance Committee of the central bank said.
The panel was set up following discussions in a sub- committee of Financial Stability and Development Council on April 26 last year. The RBI published the report hours after the Supreme Court gave its landmark judgement affirming privacy as a fundamental right yesterday.
