Data Retention Guidelines Overview

Summary

RBI requires banks to retain transaction data for at least five years. CICRA Act suggests reasonable retention periods without specifics. If data isnt purged, file a complaint with the concerned authority or seek legal advice for non-compliance.

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Could you please specify what further assistance you need regarding CIC and RBI guidelines on data retention?
what is the time period of data retention as per rbi guideline and cicra act and what to do if data is not purged
The time periods for data retention are as follows:
- RBI Guidelines: Banks must retain transaction data for at least five years from the date of the transaction.
- CICRA Act: The Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, *, under the IT Act, *, suggest reasonable retention periods but are not specified. Organizations should establish their own policies.
If data is not purged as required:
*. Complaint: File a complaint with the concerned authority like the bank or public authority.
*. Legal Action: Consider seeking legal advice and potentially filing a case for non-compliance.