Lesson 10.2: Banking, financial services and fintech
Money data is among the most sensitive. See where the duties bite. This DPDPA 2023 course page explains banking financial services and fintech in plain language.
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What you will learn about banking financial services and fintech
- Spot the key duties for BFSI
- Understand consent in lending and KYC
- Handle breach and vendors
Key points (banking financial services and fintech)
Financial entities hold KYC, account, transaction and credit data. Legal obligation and regulator requirements provide grounds for some processing, but marketing and data sharing for non-regulatory purposes still need consent. Sector regulators such as RBI, SEBI and IRDAI continue to apply. Verify the current requirements with each regulator.
BFSI flow
Select a numbered box to read more.
Typical points (banking financial services and fintech)
| Activity | Ground |
|---|---|
| KYC | Legal obligation |
| Cross-selling | Consent |
| Credit bureau sharing | As per sector law and consent |
| Collections | Legal basis and fair conduct |
Worked example
A lending app separates the KYC consent from the marketing consent and keeps records for the period required by regulation.
Activity (5 minutes) (banking financial services and fintech)
List which of your data uses are regulatory and which are optional.
Check your understanding of banking financial services and fintech
Q1. Marketing in a bank needs:
Q2. KYC is based on:
Q3. Regulators continue to:
Educational material for learning purposes, not legal advice. Check the official text of the DPDP Act, 2023, the DPDP Rules, 2025 and MeitY notifications for the latest position.