Under the DPDP Act 2023, a Data Principal is the individual to whom the personal data relates. In the context of banking and debt recovery, the borrower, guarantor, or any individual whose data is collected and processed is the Data Principal. Data Principals have rights under the DPDP Act including the right to access information about processing, the right to correction and erasure, the right to nominate another person to exercise rights after death or incapacity, and the right to file a complaint with the Data Protection Board. For children (under 18), the parent or lawful guardian is treated as the Data Principal.
A borrower whose loan application, CIBIL score, and income tax return are processed by an NBFC is the Data Principal.
Need Expert Advice on Data Principal?
For specific advice on how Data Principal applies to your debt recovery matter, consult Advocate Subodh Bajpai — LLM, MBA (XLRI Jamshedpur). 8+ years of exclusive banking and debt recovery practice across DRT, SARFAESI, IBC, and NI Act.
Defined by Advocate Subodh Bajpai, Senior Partner, Unified Chambers and Associates