The State Bank of India is formed with the amalgamation of various banks. Firstly, the Bank of Bengal and Bank of Madras and Bombay were amalgamated to form the Imperial Bank of India. Later the Imperial Bank of India was acquired by the reserve bank of India, and SBI came into existence as a successor to the imperial bank of India.
SBI says that the information shared by the users with the bank is treated as private. SBI mentions that they take adequate precautions to protect the user’s information. Their employees treat the information of the user in the most confidential manner.
There are certain principles and practices which the SBI follows to maintain the privacy of the user’s personal financial information.
What is the information collected by the SBI from the user?
SBI collects the name, address, email address, passport number, Income, PAN, details of nominees, etc.
Do SBI uses cookies?
SBI says that they do not use cookies on their website.
*A cookie is a data file that certain Web sites write to the user’s computer’s hard drive when users visit such sites. A cookie file can contain information such as a user identification code that the site uses to track the pages users have visited and use the information commercially.
Why does SBI collect and retain users’ information?
To help administer their service. They collect and retain information about the user only for their specific business purposes.
How does SBI use the user’s information?
SBI uses user’s information for:
- Opening and administering users’ accounts and protecting their records and funds.
- Complying with all applicable laws and regulations.
- Improvement of their products and services.
- Understand the user’s financial needs so that they can provide the user with quality products and superior services.
- Complying with laws, guidelines, and regulations that govern the financial services in the country.
- To quote examples, SBI needs to obtain a Passport number for the NRI account & PAN for deposit accounts in respect of resident customers.
Can the employees of SBI access the user’s information?
SBI has procedures that limit access to personally identifiable information of the user. This limited access is provided to the employees who have a business reason for knowing such information about the user.
If any employee violates privacy, they are held accountable for such an act.
Does SBI share a user’s data with any third party?
SBI may share users’ information if directed by law or affiliated third parties. They don’t share information about user’s accounts or other personally identifiable data with non-affiliated third parties for their independent use except:
- The information is provided to help complete a transaction initiated by the user.
- User requests or authorizes it.
- The disclosure is required by or is directed by law
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