TRAI-RBI Pilot to Digitise Legacy Consents in Banking
Why in the news
TRAI and RBI started a pilot moving old paper customer consents for commercial communication online.
Key facts
- Paper consents are hard to trace and verify, a loophole for fraudsters.
- Pilot elements: digitise historical consents, link to digital consent systems, real-time verification.
- Goals: accountability, consumer protection, safer mobile and banking systems.
Way forward
- Model may extend to high-risk sectors: insurance, e-commerce and digital lending.
- Step towards stronger consent accountability and consumer protection.
Exam angle
- Regulators: TRAI and RBI.
- Issue: consent traceability.