The Reserve Bank of India (RBI) has responded to Bajaj Finserv’s managing director Sanjiv Bajaj’s proposal to grant customers the right to be ‘forgotten’. In a press conference on Thursday, RBI Deputy Governor MK Jain acknowledged that the issue is being examined by the RBI. He also suggested that the Telecom Regulatory Authority of India (TRAI) should address the matter of telemarketing calls.
Sanjiv Bajaj had earlier expressed in an interview that the company intends to provide an option on its website and app where users can choose not to be contacted again. Bajaj emphasized the importance of giving individuals the right to be forgotten by the company. He further disclosed the group’s plan to reduce the number of loans promoted through phone or telemarketing to less than 10%.
Following this announcement, Bajaj Finance’s share price closed at ₹7007.70 apiece, experiencing a decline of ₹72.70 or 1.03%. Similarly, Bajaj Finserv’s share price concluded at ₹1467.40 apiece, down by ₹13.65 or 0.92%. Bajaj Finserv serves as the parent company of Bajaj Finance.
In addition to this news, the RBI maintained a status quo on policy rates for the second consecutive time. The monetary policy committee, consisting of all six members, unanimously voted to keep the repo rate unchanged at 6.50%. Furthermore, the standing deposit facility (SDF) rate was maintained at 6.25%, while the marginal standing facility (MSF) rate and the Bank Rate remained at 6.75%.
The RBI’s decision to examine the right to be forgotten concept put forth by Bajaj Finserv reflects the growing concerns regarding customer privacy and consent. The issue of telemarketing calls, which often intrude upon individuals’ personal space, has also caught the attention of regulators. As the RBI and TRAI delve deeper into these matters, it is expected that measures will be taken to address customer preferences and safeguard privacy rights.
