The Consent Template CT040 finalized by the Cross Sector Use Case Council is published for benefit of all FIUs who have a valid use case to verify the Bank Account details of its customers, either for cross validation of the profile or the bank details of the customer.
Consent Template Information - CT040
| Consent Template Information | Description | Further Explanation |
|---|---|---|
| Consent Template ID | CT040 | For Sahamati's internal records and explanation to the community |
| Status | Active | For Sahamati's internal records and explanation to the community |
| Use Case Category | Bank Account Verification | For Sahamati's internal records and explanation to the community |
| Use case | Bank Account Verification and Cross-Validation of profile information | Examples - enhancement to KYC, verify the profile of customer from bank account details and cross validate it with other sources eg. insurance, DEMAT verification |
Consent Template Information / Attributes - CT040
| Consent Details (Attributes) | Values | Rationale |
|---|---|---|
| Purpose Text | As agreed by FIUs to show to the customer: To verify | “cross validate” might be difficult for customers to comprehend |
| As per ReBIT: Explicit one-time consent for the accounts | ||
| Purpose Code | 105 | Explicit one time consent as per ReBIT |
| Purpose Code Category Name | Account Query and Monitoring | In line with per ReBIT Purpose Codes |
| FI Types | Deposits, GSTN, Insurance | Cross validation can be done against Bank Statement, Insurance Policy or GSTN Records. Council Members insisted that only one financial account be allowed for this use case, in order to maintain single source of truth. |
| Consent Types | Profile, Summary | Summary Consent can be requested by FIUs for use cases where the regulator mandates verification that an account has a certain balance. This consent type is useful in situations where the FIU needs to confirm that the account holder has a minimum required balance, ensuring the authenticity and credibility of the account information provided. |
| Fetch-type | One-time | Consent is taken only to verify the bank account for one time |
| Maximum Frequency | NA | NA |
| Maximum FI Data Range | 1 Day | Data range of 1 day is applicable only in case of use cases which require summary. |
| Maximum Consent Validity | 1 Day | Based on average time required to pull the information for bank verification |
| Maximum Data Life | 1 Day | Based on average time required to process the data received for the said use case |
| Last published on: | 10th August 2024 |
Please note that the parameters of the individual consent templates in the Consent Template Library represent upper bounds for the respective use cases, as decided in the relevant User Councils. The parameters in the consent templates should be treated by participant(s) as outer limit(s) and not be construed as legal advice in any manner. Participants are encouraged to review their use case(s) and ensure compliance with applicable laws, including the RBI Master Directions on NBFC-AA and the DPDP Act.
Sahamati will publish additional consent templates as the AA ecosystem evolves based on discussions in the relevant Use Case Councils and the Fair Use Committee. Existing consent templates may also be revised based on statutory and regulatory guidance, including the DPDP Act and the Rules issued thereunder.
