New Delhi, 30 March (H.S.):

India's banks operate under a robust legal and regulatory framework ensuring customer data security and confidentiality Finance Minister Nirmala Sitharaman told the Lok Sabha on Monday during Question Hour.

Banks must maintain secrecy of client information under Know Your Customer (KYC) norms and RBI guidelines collecting data only on a need-to-know basis and sharing solely with authorized agencies when required she explained.

Sitharaman listed five pivotal statutes mandating compliance: State Bank of India Act Banking Companies Act Regional Rural Banks Act Credit Information Companies Act and Public Financial Institutions Act.

Customers facing fraud or unauthorized data sharing can lodge complaints with the RBI or relevant authorities triggering probes and action she assured adding the government remains vigilant with ongoing measures to bolster banking system protections.

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Hindusthan Samachar / Jun Sarkar