Lax handling of customer information and the targeting of individuals with PAN data obtained in an unsavoury manner have the regulator concerned.
On 3 December 2021, the mobile screens of thousands across the country displayed a curious text message on behalf of Navi Finserv, a non-bank lender owned by Flipkart co-founder Sachin Bansal’s Navi Technologies. “Dear xx, Congratulations!! Your PAN [unmasked 10-digit Permanent Account Number] is eligible for a pre-approved personal loan of Rs xx lakh from NAVI. Apply now (through this link),” it read.
One 40-year-old resident of Mumbai was one of the recipients of the controversial SMS. He had never applied for a loan with Navi, or with any other lender for that matter. He can’t think of any action …
Ashwin covered fintech and banking at The Morning Context. Previously, he was at The Economic Times, where he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.
Writer
ashwin@mailtmc.com
Delhi