rakesh (none) 10 December 2023

Section 72

does disclosing personal information (to other banks ,agencies )like permenant addrress ,parents phone number given to a bank while opening a ac , mount to breaching confidentiality and privacy as per section 72 of IT ACT?

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Quick Summary

This discussion clarifies that disclosing personal information like your permanent address or parents' phone number to banks, when required for KYC compliance, does not typically breach confidentiality under Section 72 of the IT Act. Section 72 actually pertains to the disclosure of electronic records and information by individuals without lawful excuse. If a bank requests information beyond standard KYC, you have the right to refuse and report it. The section mentioned in the discussion title is distinct from Section 72 of the Income Tax Act, which deals with carrying forward losses.

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kavksatyanarayana (subregistrar/supdt.(retired)) 10 December 2023

If any person discloses electronic records, books, registers, correspondence, information, documents or such other material to any other person will be punished. But what you asked does not come under Sec.72 of the IT Act.

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T. Kalaiselvan, Advocate (Advocate) 10 December 2023

When you are required to furnish KYC details, you are actually omplying with the conditions meant for that purpose.

No bank will be asking the details of your family members, if they demand that information, you can refuse to furnish them and make a complaint against the staff insisting on it, before their higher officer.

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