Consent in Finance + Data Minimisation
Ask for what you actually need, say why, and let the user decline anything that isn't legally required.
Data minimisation in finance is simple on paper. Ask only for the data you need for the service you provide. Tell the user why you are asking. Bundling unrelated permissions together is a common pattern in older financial apps. It is exactly what the framework is trying to end.
Where the law requires certain data — for example for KYC or tax purposes — say so explicitly. Do not fold it into a general consent screen. Where the law does not require it, let the user decline without losing access to the core service.
Am I a Data Fiduciary?
Consent design in finance is where DPDP has the most direct impact — start with the self-check to see what your DPDP obligations actually look like.
Run it nowIn product terms, that means three things:
- Separate your consents by purpose.
- Write the reason for each request in plain language.
- Make the "core service without the optional data" path actually work.
Don't route people into a broken experience the moment they decline something optional.
This page summarises finance and fintech expectations for orientation. For binding rulings on your product, consult qualified counsel and the primary source below.
Notified — checked 2026-10-06. Opened the DPDP Act, 2023 (Gazette PDF). Partly in force: most duties start 13 May 2027 (G.S.R. 843(E)).