Thread by @internetfreedom

Our latest in the #PrivacyOfThePeople series is out now, and this time we've focused on digital lending apps (both 'legal' and 'illegal') — the information they collect, the lack of regulation, and how the PDP Bill comes into the picture.

Thread 👇🏽 1/5
internetfreedom.in/privacyofthepe…

After the pandemic began, illegal digital lending apps started offering unsecured loans to desperate borrowers. Interest rates (60-100%) and tenures (7-10 days) varied widely — no KYC. Extensive data was collected from phones & borrowers were harassed. 2/5
restofworld.org/2021/debt-and-…

Although digital lending apps fill a genuine market gap by offering credit to borrowers traditionally left out by financial institutions due to a lack of formal credit history, this may come at the expense of privacy and consumer welfare in India.

Some issues 👇🏽 3/5

So does the PDP Bill stand up to these challenges? Here's what it does 👇🏽

➡️ Recognises automated decision-making, but doesn’t provide adequate safeguards against its harms.
➡️ Does not entitle you to be informed about automated decision-making, seek explanations, or object. 4/5

In order to maintain user privacy and further true financial inclusion here, we must:

- Strengthen user data rights
- Mandate fair & transparent decision-making processes
- Enact strong regulations to oversee the digital credit market.

More details 👇🏽 #PrivacyOfThePeople 5/5

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