Here's what RBI said Sanjiv Bajaj's option for customers right to be 'forgotten'
RBI is examining the possibility of allowing customers the right to be 'forgotten', a day after a proposal by Bajaj Finserv's Sanjiv Bajaj. According to Bajaj Finserv's MD, customers would be able to opt out of telemarketing calls.
PremiumA day after NBFC giant Bajaj Finserv's managing director Sanjiv Bajaj's option for allowing customers the right to be 'forgotten', the Reserve Bank of India (RBI) on Thursday said they are examining the issue. RBI hinted that the Telecom Regulatory Authority of India (TRAI) needs to look into the matter of telemarketing calls.
In a press conference, on Thursday, RBI Deputy Governor MK Jain when asked about Bajaj's statement in an interview, said, "We (RBI) will examine this issue."
The deputy governor also added that TRAI has to look into the matter of telemarketing calls even when individual banks can decide on this.
Read here: Will bring down dependence on telemarketing calls: Sanjiv Bajaj of Bajaj Finance
In an interview with Moneycontrol, Bajaj said that the company is going to upgrade its website and app and users will have an option where they can select option to not be "bothered again".
He added to the news agency that "We want to give people the right to be forgotten by us."
Read here: RBI's another status quo is what home buyers need? Here's what will happen to home loan EMIs
Also, Bajaj revealed that the group will aim to scale down the amount of loans that are pushed through phone or telemarketing to less than 10%.
On Thursday, Bajaj Finance's share price ended at ₹7007.70 apiece down by ₹72.70 or 1.03%. Similarly, Bajaj Finserv's share price closed at ₹1467.40 apiece down by ₹13.65 or 0.92%.
Bajaj Finserv is the parent company of Bajaj Finance.
In another development, RBI maintained status quo for second time in row in policy rates. All six members of the monetary policy committee voted to keep the repo rate unchanged at 6.50%. Subsequently, they also maintained the standing deposit facility (SDF) at 6.25%, while the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.
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