Stakeholders’ understanding of data privacy: implications for digital credit consumer

This paper investigates the contextual definition of data privacy among digital credit stakeholders and examines the provisions for data privacy protection in India. This study adopts a primarily qualitative approach, supported by descriptive quantitative data to provide demographic and contextual insights. The data was collected through interviews with key stakeholders (digital credit users (DCUs), digital credit providers (DCPs), and regulatory bodies), supplemented by quantitative analysis of existing data privacy laws and regulations. The study reveals diverse perceptions and understandings of data privacy among stakeholders, influenced by regulatory frameworks, organisational practices, and user behaviours. Existing provisions for data privacy protection in India have varying compliance practices, leading to difficulties in implementation. Adherence to data privacy regulations contributes to the well-being of DCUs, fostering trust, satisfaction, and financial stability. This research underscores the importance of robust data privacy regulations and compliance mechanisms in the digital credit landscape. The findings highlight the need for greater awareness among stakeholders, enhanced regulatory oversight, and tailored interventions to safeguard the privacy rights of DCUs. Qualitative observations and quantitative analysis illuminate the complicated link between regulatory frameworks, organisational practices, and user perceptions. The study offers insights for policymakers, practitioners, and scholars seeking to address the intersection of data privacy and financial inclusion.