The Lending Use Case Council has finalized Consent Template CT045 to evaluate the financial condition of vendors and third parties before entering into contracts and agreements. This ensures transparency, making both the vendor and the individual providing consent fully aware of its purpose.
For Sahamati’s internal records and explanation to the community
| Sl. No | Consent Template Information | Description | Further Explanation |
|---|---|---|---|
| 1 | Consent Template ID | CT045 | For Sahamati's internal records and explanation to the community |
| 2 | Status | Active | For Sahamati's internal records and explanation to the community |
| 3 | Use Case Category | Account Monitoring | For Sahamati's internal records and explanation to the community |
| 4 | Use case | To assess the financial conditions of vendors and third parties while entering into contracts and agreements | To verify financial condition of Employees, Vendors and other third parties at the time of onboarding |
| Last published on: | 14th Feb 2025 |
Consent Attributes and Values ( as per ReBIT specifications)
| Sl. No. | Consent Details (Attributes) | Values (as agreed in the Council | Rationale |
|---|---|---|---|
| 1 | Purpose Text | Verification of financial condition of As per ReBIT: Explicit one-time consent for the accounts | To ensure that both the vendor or the individual providing consent are aware of the purpose for which the consent is being requested. |
| 2 | Purpose Code | 105 | Explicit one time consent as per ReBIT / Aggregated Statement |
| 3 | Purpose Code Category Name | Account Query and Monitoring | Pending for finalisation |
| 4 | FI Types | GST, Insurance, Security Shares, Mutual Funds, Deposits | Employees are required to declare their investment details during onboarding stage. GST and other investment details is required for vendors to verify the turnover and financial stability. |
| 5 | Consent Types | Profile, Summary, Transactions | Based on the current due diligence practice by FI |
| 6 | Fetch-type | One Time | One time check during onboarding |
| 7 | Maximum Frequency | NA | NA |
| 8 | Maximum FI Data Range | 12 months | To have a complete view of business cycle in case of vendor. |
| 9 | Maximum Consent expiry | 1 day | Implementing partner will run a rule on an instant basis and derive outputs |
| 10 | Maximum Data Life | 1 day | Implementing partner will run a rule on an instant basis and derive outputs |
| Last published on: | 14th Feb 2025 |
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.