Tools & Resources Well-Written Privacy Policy, Secure IT Systems, and Staff Trained to Protect Information at SKS and Equitas

Well-Written Privacy Policy, Secure IT Systems, and Staff Trained to Protect Information at SKS and Equitas

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SKS has a written policy on sharing client information with external parties. It clearly categorizes types of information into “confidentiality critical” and “confidentiality sensitive” and lays down the process for handling each category. Equitas is the first MFI in India to have a core banking solution, TEMENOS – T24. This product is an extension of T24 Banking software, developed specifically for microfinance and the community banking sector.

SKS-Microfinance_2SKS has a written policy on sharing client information with external parties. It clearly categorizes types of information into “confidentiality critical” and “confidentiality sensitive” and lays down the process for handling each category. SKS also has a policy on privacy of client data which is applicable to all SKS employees. The policy states that SKS does not share client data with anyone except regulatory authorities like RBI, credit bureaus, self-regulatory organizations,32 courts, and government agencies for the purposes of meeting compliance requirements. SKS ensures that its MoUs with service providers and non-disclosure agreements are comprehensive and cover client confidentiality of information prudently.

equitas_0Equitas is the first MFI in India to have a core banking solution, TEMENOS – T24. This product is an extension of T24 Banking software, developed specifically for microfinance and the community banking sector.

Client information is highly secured and well protected in TEMENOS, with defined user access and passwords. Entire back office staffs are trained in the usage of this system. Branch staff do not have access to client data, except what is necessary to handle collections through the collection sheets. Equitas has a distinct client filing system and safe storage of the client information files. Soft copies of client files are stored in the software while hard copies of client files and loan documents are coded, stacked and kept secured at a data warehouse in Chennai. Equitas invests regularly in IT audit and maintenance to review client security. Regular audits ensure that there are no loopholes in the security.

This story was originally published in the Smart Campaign State of Practice Report Implementing Client Protection in Indian Microfinance.