March 30, New Delhi – The Insolvency and Bankruptcy Code (Amendment) Bill, 2025 was discussed in the Lok Sabha, with Finance Minister Nirmala Sitharaman emphasizing the importance of data privacy.
She stated that banks must strictly adhere to Know Your Customer (KYC) norms to ensure the security of customer data. “Banks are required to maintain confidentiality regarding customer information arising from contractual relationships or interactions between the bank and the customer,” Sitharaman noted.
The minister highlighted that the Reserve Bank of India has issued master directions and instructions on data privacy, confidentiality, and the sharing of customer information, which all banks are expected to follow.
