Only 18% digital loan borrowers understand data privacy rules: Study
Business Standard [
Ahmedabad
]
Mumbai
Dec 21, 2023 | Page No.: 4 | Position: Middle Left | Source: Bureau | Sq Cm: 78 | AVE: 15218 | PR Value: 76090
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Only 18 digital loan borrowers understand data privacy rules Study Indians are increasingly using digital services for loans and KEEPING TRACK other financial transactions 60 Borrowers concerned but they are poorly informed about personal data collection about data privacy said Home and use by lending apps Credit India s How India Borrows Survey 2023 survey 23 Middle-class borrowers released on Wednesday aware of chatbot service Only 18 per cent of the bor- 43 Borrowers mainly rowers surveyed understood women and Gen Z find data privacy rules and 88 per chatbot service easy to use cent had a superficial under- standing As India acceler- 58 Borrowers feel lending ates Into the digital lending apps collect more data than era the study underlines a required concern among borrowers Gen 1 small-town borrowers regarding the usage of their personal data by loan compa- worried about the amount of nies it said MANOJIT SAHA data collected by lending apps