Privacy Policy

We at BANKINGSTACK value your trust & respect your privacy.

This BANKINGSTACK Privacy Policy (“Privacy Policy”) provides You (defined below) with details about the way Your (defined below) data is collected, stored, processed & used by Us. You are advised to read this Privacy Policy carefully. By registering on the App (defined below), using any medium: mobile app, website, web app, mobile site or otherwise, You permit Us to use & disclose Your Personal Information (defined below) in accordance with this Privacy Policy by providing Your consent to this Privacy Policy. If You do not agree to the terms of the policy, please do not use or access the App.

The App should not be used or accessed by minors (persons under the age of 18 years). If You still wish to use or access the App, it must be made available to You by Your legal guardian or parents. Notwithstanding the foregoing circumstances, the parent or legal guardian agrees to be bound by this Privacy Policy in respect of a minor child`’`s use or access to the App.

By accessing, using, downloading or registering on the App, You are agreeing and accepting this Privacy Policy. This Privacy Policy is incorporated into and is subject to the terms of use governing access and use of the App hosted at Terms and Condition.

“Personal Information” of a person means any information that relates to a natural person, which, either directly or indirectly, in combination with other information available or likely to be available with a body corporate, is capable of identifying such person and includes, (wherever appropriate and/or mandated under applicable laws) personal information categorized as sensitive personal data or information under the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011 as below:

  • password;
  • financial information such as Bank account or credit card or debit card or other payment instrument details
  • physical, physiological and mental health condition.
  • sexual orientation
  • medical records and history
  • biometric information
  • any detail relating to the above clauses as provided to body corporate for providing service
  • and any of the information received under above clauses by body corporate for processing, stored or processed under lawful contract or otherwise.

Sensitive personal data or information that is freely available, accessible in the public domain, or available under the Right to Information Act 2005, is excluded from the scope of this definition.

Note: Our Privacy Policy may be updated from time to time without prior notification. To ensure that You are aware of the updated Privacy Policy, we urge You to review this Privacy Policy periodically. This Privacy Policy shall apply uniformly to BANKINGSTACK’s website, mobile site, web/desktop plugins and mobile applications hosted at https://www.bankingstack.com (“App”).

Throughout this Privacy Policy, the capitalized terms “BANKINGSTACK”, “Open”, “We”, “Us” and “Our” refers to Open Financial Technologies Private Limited, its affiliates and assigns, and the terms “User”, “You”, “Your”, and “Yourself” refer to the users of the App whose Personal Information is being collected in accordance with the terms of this Privacy Policy. We are providing this Privacy Policy to familiarize you with:

Scope of this Privacy Policy and its Applicability

This Privacy Policy applies to all forms of Personal Information, physical and digital, whether collected or stored electronically or in hardcopy.

We handle data in our own right and for and on behalf of the Users.

If, at any time, a User provides data or other information about someone other than himself, herself or itself, the User warrants that it has that person’s consent to provide such information for the purpose specified.

Device Permissions

We collect information from and about the web-connected devices You use (“Device”) that integrates with our App. By accessing and using the App, You hereby authorize the App for security measures and means to tackle fraud, to accesses Your Device location to validate banking transactions initiated using the App. To facilitate the provision of these Banking Stack services to the User, the App may access the Device’s location. The User consents to the access of the Device location for the facilitation of Our products/services through the App.

Information Collected

In order to provide the App, We automatically track and collect information such as IP addresses, Domain servers and other information with respect to Your Device, interaction of Your Device with the App and its applications (“Traffic Data”).

When You use the App, We collect and store Your Personal Information which is provided by You from time to time. This allows us to provide services and features that most likely meet your needs, and to customize the App to meet your requirements and make Your experience safer and easier. We collect Personal Information from You that we consider necessary for achieving this purpose.

We respect the privacy of its Users and is committed to protect such privacy as detailed herein. You may encounter “Cookies” or another similar device on a web page. These are data collection devices to help analyze Our web flow and measure promotional effectiveness. “Cookies” are small files placed on your hard drive that assist Us in providing services to You and giving You information targeted to Your interests. Most cookies are session cookies, meaning that they are automatically deleted from Your hard drive at the end of a session. You are always free to decline a cookie if Your browser permits but this may limit Your usage and experience on the App.

Once you create an account (register) on the App and give us Your Personal Information, You are not anonymous to Us. Wherever possible, We indicate which information fields are required and which information fields are optional. If You are unable to provide the information We need, We may not be able to provide You with the product or service You have requested.

Information that we collect from you would include:

In order to determine Your eligibility and enable the products/services offered on the App, We collect and process certain categories of Personal Information belonging to You, including the following:

  • Personal information like date of birth, age, marital status, birthplace, nationality, mother tongue.
  • Contact information (e.g., name, address, telephone, and email address).
  • Government-issued identifiers, including PAN and GST information.
  • Financial information, including bank account details, credit/debit card details, billing information, tax information and payroll information (as applicable); and
  • Photographs and signature copies.
  • Information which would help determine Your eligibility to avail the services offered on the App.
  • Any other information that We are required to collect as per specific mandate from any bank, NBFC or as a requirement under applicable law, regulation, rule or statute in India.

Information Sharing and Disclosure to Third Parties

We offer the App services as a technology aggregator. In view of this, disclosure of Your Personal Information may be required by Us to provide You access to Our services, to comply with Our legal obligations, or to prevent, detect, mitigate, and investigate fraudulent or illegal activities related to Our services. We do not disclose Your Personal Information to third parties except in accordance with the terms contained herein.

We offer the App services as a technology aggregator. In view of this, disclosure of Your Personal Information may be required by Us to provide You access to Our services, to comply with Our legal obligations, or to prevent, detect, mitigate, and investigate fraudulent or illegal activities related to Our services. We do not disclose Your Personal Information to third parties except in accordance with the terms contained herein.

We may disclose Personal Information if required to do so by law or in good faith belief that such disclosure is reasonably necessary to respond to subpoenas, court orders, or other legal process.We may disclose Personal Information to law enforcement offices, third party rights owners, or others in good faith belief that such disclosure is reasonably necessary to: enforce the Terms of Use or this Privacy Policy; respond to claims that an advertisement, posting or other content violates the rights of a third party; or protect the rights, property or personal safety of Our users or the general public.

We may disclose Personal Information to third parties who work on Our behalf, provided that such third parties adhere to the confidentiality obligations in consistence with this Privacy Policy. These third parties are authorized to use Your Personal Information only as necessary to provide the App services requested or availed by You. These services may include providing cloud computing infrastructure, App crash reporting, App usage pattern so that we can serve You better and providing customer support or account administration.

Purpose of Collection and Usage of Personal Information

Your Personal Information is particularly pertinent for identity verification and to authenticate Your submissions made on the App. We may use Your Personal Information (except your financial information) to ascertain the other services more relevant to your interests and needs, to determine the statistical analysis of the characteristics, behaviors and demographics of Our users, solely for the promotion of Our business activities and services. We may use Your Personal Information to communicate with respect to the services obtained by You or other services that may be of interest to You. We may further use Your Personal Information for business and research purposes, including improving and customizing the App for Your ease of use of the App and the services thereto. We may also use your Personal Information in an aggregated and anonymized manner to receive feedback on the App and responses on the usage of the services.

Data Retention

We will retain Your information for as long as Your account is active or as needed to provide the App services. We shall retain and use the information collected by Us as necessary to comply with our legal obligations, to resolve disputes or for other business purposes. If You cancel/ deactivate/ unsubscribe Your account with Us, We are not under any obligation to retain Your information. Without prejudice, We may retain Your information for twelve (12) months after You cancel/ deactivate/ unsubscribe Your account with Us to ensure compliance with applicable laws.

Information Security

You are aware of all security risks, including possible third-party interception of any of Your transactions and statements of account on the internet and the content of Your transactions or statements of account becoming known to third parties. You agree and undertake that You shall not hold Us liable therefore in any way. The use and storage of any information, including without limitation, the credit card number, PIN, password, account information, transaction activity, account balances and any other information available or stored on Your Device is at Your own risk and responsibility. You furthermore acknowledge and accept that We may not encrypt all content or communications from and to Your website(s).

Your Rights in relation to Sensitive Personal Data or Information collected by Us

You have the right to withdraw Your consent at any time in writing by sending an e-mail to us at ciso@bankopen.co in accordance with the terms of this Privacy Policy. However, please note that withdrawal of consent will not be retrospective in nature and shall be applicable prospectively.

You may write to us at ciso@bankopen.co to access, review, modify or correct Your sensitive personal data or information or withdraw Your consent to provide sensitive personal data or information. We are not responsible for the authenticity of the information provided by You.

You agree and acknowledge that Your right to access, modify and/or withdrawing Your consent to provide sensitive personal data or information as mentioned above may be denied or limited by Us, as may be required under any applicable law, law enforcement requests or under any judicial proceedings.

Links to other sites

Links to third-party advertisements, third-party websites or any third-party electronic communication service which are operated by third parties may be provided on the App. Such links may not be controlled by, or affiliated to, or associated with Us, unless otherwise expressly specified on the App.

We are not responsible for any form of transmission, whatsoever, received by You from any third-party website. Accordingly, We do not make any representations concerning the privacy practices or policies of such third parties or terms of use of such third-party websites, nor do We control or guarantee the accuracy, integrity, or quality of the information, data, text, software, music, sound, photographs, graphics, videos, messages or other materials available on such third-party websites. The inclusion or exclusion does not imply any endorsement by Us of the third-party websites, the websites provider, or the information on the third-party website. The information provided by You to such third-party websites shall be governed in accordance with the privacy policies of such third-party website`’`s, and it is recommended that You review the privacy policy of such third-party websites prior to using such websites.

Acknowledgements

You hereby agree that the application and copies of all documents submitted by You are and shall remain Our sole and exclusive property and/or Our service providers / partners / banks and financial institutions (“Business Partners”) with whom We have partnered with in provision of the services on the App. We and/or Our Business Partners shall not be obliged to return the same to You upon Your request. Any unauthorized access to the App is a breach of these terms and a violation of the law. You agree not to access the App by any means other than through the interface that is provided by Us.

You hereby acknowledge and agree that this Privacy Policy:

  • is clear and easily accessible and provide statements of policies and practices with respect to information security;
  • provides for the various types of personal or sensitive personal data of information to be collected;
  • provides for the purposes of collection and usage of the information;
  • provides for disclosure of information; and
  • provides for reasonable security practices and procedures.
  • If you have any questions in respect of this Privacy Policy, You may write to the Grievance Officer appointed under the Act:
Nodal Officer

3rd Floor, Tower 2, RGA Tech Park,
Carmelaram, Sarjapur Main Road,
Bengaluru – 560035, Karnataka, India

Governing Law, Jurisdiction and Disputes

Without prejudice to the provisions mentioned below, these Terms are subject to the laws of India and any disputes arising out of or in connection with the Terms will be subject to the exclusive jurisdiction of the competent courts at Bengaluru, India.

Entire Agreement

The Terms of Use and this Privacy Policy jointly constitutes the entire agreement between You and Us and governs Your usage of the App and the Services thereto.