Privacy Policy

Lokvikas Nagari Sahakari Bank Ltd. Aurangbad recognizes the expectations of its customers with regard to privacy, confidentiality and security of their personal information that resides with   Lokvikas Nagari Sahakari Bank Ltd. Aurangbad, keeping personal information of customers secure and using it solely for activities related to the Bank and preventing any misuse is a top priority of the Bank. The Bank has adopted the privacy policy aimed at protecting the personal information entrusted and disclosed by the customers [“the Policy”]. This policy governs the way in which the Bank collects, uses, discloses, stores, secures and disposes of personal information and sensitive personal data or information.

Definitions

”Personal information” means any information that relates to a natural person, which either directly or indirectly, in combination with other information available or likely to be available with the Bank, is capable of identifying such person.

• Password;
• Financial information such as Bank account or debit card or other payment instrument details;
• Any of the information received under above clauses by body corporate for processing, stored or processed under lawful contract or otherwise.

Provided that, any information that is freely available or accessible in public domain or furnished under the right to information act, 2005 or any other law for the time being in force shall not be regarded as sensitive personal data or information for the purposes of this policy.

Applicability

This Policy is applicable to personal information and sensitive personal data or information collected by the Bank directly from the customer or through the Bank’s online portals and electronic communications as also any information collected by the Bank’s server from the customer’s browser.

Purpose of Collection and Use of Personal Information

The Bank collects and uses the financial information and other personal information from its customers. This information is collected and used for specific business purposes or for other related purposes designated by the Bank or for a lawful purpose to comply with the applicable laws and regulations. The Bank shall not divulge any personal information collected from the customer, for cross-selling or any other purposes.

The User authorizes Lokvikas Nagari Sahakari Bank Ltd. Aurangbad to exchange, share, part with all information related to the details and transaction history of the User to banks / financial institutions / credit bureaus / agencies /participation in any telecommunication or electronic clearing network as may be required by law, customary practice, credit reporting, statistical analysis and credit scoring, verification or risk management or any of the aforesaid purposes and shall not hold Lokvikas Nagari Sahakari Bank Ltd. Aurangbad liable for use or disclosure of this information. All Information collected shall be used for the relevant lawful purposes connected with various functions or activities of the Bank related to services in which the User is interested, and/or to help determine the eligibility of the User for the product/services requested/ applied/ shown interest in and/or to enable Bank the User verification and/or process applications, requests, transactions and/or maintain records as per internal/legal/regulatory requirements and shall be used to provide the User with the best possible services/products as also to protect interests of Lokvikas Nagari Sahakari Bank Ltd. Aurangbad. The authenticity of the personal information provided by the customer shall not be the responsibility of Lokvikas Nagari Sahakari Bank Ltd. Aurangbad. 

Any information that is freely available or accessible in public domain or furnished under the Right to Information Act, 2005 or any other law for the time being in force shall not be regarded as personal information for the purposes of this Policy and the Bank shall not be responsible for the same.

Disclosure of Personal Information

The personal information collected by the Bank shall not be disclosed to any other organization except:

• Where the disclosure has been agreed in a written contract or otherwise between the Bank and the customer;
• Where the Bank is required to disclose the personal information to a third party on a need-to-know basis, provided that in such case the Bank shall inform such third party of the confidential nature of the personal information and shall keep the same standards of information/ data security as that of the Bank.

To protect customer’s information available with the Bank and to secure the customers transactions using mobile apps.

1. Auto Read OTP functionality: It is recommended that each process of OTP validation shall have auto read facility of OTP in the Mobile application. Whenever the OTP send to the customer, mobile app shall auto populate the OTP in the required field instead of entering by keyboard.
2. SMS forwarding App / Remote access App: It is recommended that; the Mobile Application can have an ability to identify the “SMS forwarding Apps” as well as “Remote Access Apps” installed on the User’s handset. Based on the “App ID” of these kind of Apps, Mobile App shall restrict the users to access the login to the application if user have installed the listed apps.
3. SMS Delivery status facility: SMS vendor should have Call back facility available to verify the status of SMS send from our end, also SMS vendor have “SMS Delivery receipt check” to know the delivery status of the SMS forwarded from our end.

Reasonable Security Practices and Procedures

The security of personal information is a priority and is protected by maintaining physical, electronic, and procedural safeguards that meet applicable laws. The Bank shall take reasonable steps and measures to protect the security of the customer’s personal information from misuse and loss, un-authorized access, modification or disclosure. The Bank maintains its security systems to ensure that the personal information of the customer is appropriately protected and follows the extant standard encryption norms followed for the transmission of information. The Bank ensures that its employees and affiliates respect the confidentiality of any personal information held by the Bank.

Contact Information

In order to address any discrepancies or grievances related to the personal information residing with the Bank, the customer may contact email – admin@lokvikasbank.in

Notice of change

The Bank may, from time to time, change this Policy. The effective date of this Policy, as stated below, indicates the last time this Policy was revised or materially changed.

Changes in Privacy Policy

RBI has issued advisory on “Securing Mobile Banking Applications” to secure the entire ecosystem dt : December 26th 2022 by its Advisory No : 14/2022. Hence it is mandatory for each Banks to define or modify their Privacy Policy to comply the points mentioned in the aforesaid advisory with its legal and regulatory obligations to protect customers information available with the Bank and to secure the customers transactions using mobile apps.

1. Auto Read OTP functionality: It is recommended that each process of OTP validation shall have auto read facility of OTP in the Mobile application. Whenever the OTP send to the customer, mobile app shall auto populate the OTP in the required field instead of entering by keypad.
2. SMS forwarding App / Remote access App: It is recommended that; the Mobile Application can have an ability to identify the “SMS forwarding Apps” as well as “Remote Access Apps” installed on the User’s handset. Based on the “AppID” of these kind of Apps, Mobile App shall restrict the users to
   access the login to the application if user have installed the listed apps.
3. SMS Delivery status facility: SMS vendor should have Call back facility available to verify the status of SMS send from our end, also SMS vendor have “SMS Delivery receipt check” to know the delivery status of the SMS forwarded from our end. Above points must be included in your privacy policy, and this privacy policy must be available publicly for all the customers of the Bank.

Security and confidentiality of Customer Data

1. As per Information Systems security policies and procedures implemented in the Bank, Bank has implemented administrative, physical and technical safeguards to protect electronic personal data from loss, misuse and unauthorized access. Customers’ personal data shall be stored on a secured database.
2. Bank shall not sell personal data to any third party or anybody and shall remain fully compliant with confidentiality of the data as per law.
3. Bank shall share customers’ personal data to third party if required for business purpose only after implementing adequate controls to ensure   maintenance of confidentiality and security of the data by the concerned third party.
4. Auto Read OTP functionality: -It is recommended that each process of OTP validation shall have auto read facility of OTP in the Mobile application. Whenever the OTP send to the customer, mobile app shall auto populate the OTP in the required field instead of entering by keypad.
5. SMS forwarding App / Remote access App: It is recommended that; the Mobile Application can have an ability to identify the “SMS forwarding Apps” as well as “Remote Access Apps” installed on the User’s handset. Based on the “AppID” of these kind of Apps, Mobile App shall restrict the users to access the login to the application if user have installed the listed apps.
6. SMS Delivery status facility: SMS vendor should have Call back facility available to verify the status of SMS send from our end, also SMS vendor have “SMS Delivery receipt check” to know the delivery status of the SMS forwarded from our end.
7. Mobile banking Application shall have ability to read/detect Installed Application on user’s device and upload it on bank’s secure server for keeping safe track of existing applications. App shall prohibit/restrict Mobile Banking Application usage incase of any listed application with likes of remote access applications and sms forwarder applications is detected.
8. By agreeing to terms within Mobile banking application and written consent form undertaken from user during opting mobile banking feature it will be considered user have provided affirmative consent for all above mention disclosures.

Privacy Policy for SMS Autofill

This Privacy Policy describes how Mobile banking app collects, uses, and protects the information you provide when using the SMS autofill feature in our services.

Information We Collect:

Mobile banking app may collect and process the following information:

1. SMS Content: Mobile banking app may access and analyze the content of SMS messages to provide autofill suggestions for relevant information such as OTPs (One-Time Passwords) or transaction details.
2. Metadata: We may collect metadata associated with SMS messages, such as sender information, timestamps, and message status.
3. Usage Data: Mobile banking app may collect data related to your use of the SMS autofill feature, 

How We Use Your Information:

1. Improving Autofill Accuracy: We use the information collected to improve the accuracy and relevance of autofill suggestions provided to you.
2. Security and Fraud Prevention: We use the information to enhance the security of SMS autofill and prevent fraudulent activities.

Sharing of Information:
Bank does not share your SMS autofill data with third parties except as described in this Privacy Policy or with your explicit consent.

Data Retention:
We retain SMS autofill data only for as long as necessary to fulfill the purposes outlined in this Privacy Policy or as required by law.