The retention period of borrowers' consents to data processing can be significantly reduced

The Ministry of Finance has taken the initiative to shorten the validity period of citizens' consent to the processing of personal data when obtaining loans and conducting related banking transactions through the Digital Profile service. Instead of 50 years, such permits are proposed to be retained for seven days to six months, Kommersant reports, referring to a letter from the Central Bank sent to credit institutions.

According to the publication, in mid-March, the Bank of Russia interviewed banks about what the planned reduction in the "validity period of consent targets" in the "Digital Profile" infrastructure would lead to. According to the regulator's letter, the seven-day period will affect the consent for granting a loan, including with a limit, for an overdraft, for issuing and servicing a credit card for servicing a loan, for receiving an individual's credit report from the BCI and a number of other operations. For some purposes, such as opening a digital ruble account or making personal offers to a client, a period of six months is provided.

The previously valid half-century term in the Ministry of Finance was considered excessive. According to the agency, most operations are of a one-time nature and "a window of seven days is quite enough for banks" to verify the data. At the same time, the Ministry of Finance admitted that the timing could be adjusted — the service operates in an experimental format, "within which different approaches are being tested."

According to Kommersant, the proposal was not discussed with the financial community in advance and turned out to be unexpected even for the Bank of Russia. The urgency of the issue is reinforced by the fact that starting from April 1, it will be possible to obtain information for calculating the debt burden of individuals only through a "Digital Profile". Participants of the banking market took the initiative critically, the newspaper notes.

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