PFC INVESTOR DATA ON WEB

PFC publishes investor data on the web, raising privacy concerns
November 22, 2011 03:15 PM |
Moneylife Digital Team

PFC has published names, complete addresses, telephone or mobile numbers and email IDs of around 1.2 lakh individuals, which raises several questions of privacy and investor protection

In yet another instance that proves the government and its units are insensitive to issues of transparency and privacy, Power Finance Corp (PFC) has published complete data of its investors on the web. This too when, concerns are being raised about the government's unique identification (UID) program that not only collects detailed information, but also takes biometric data like iris and finger scans. This UID data is accessible for anyone who is associated with the UID Authority of India (UIDAI) as registrar.

In a stunning case of placing private data out in the public domain PFC, which collected money from investors for its infrastructure bonds, has published names, addresses, telephone or mobile numbers and email IDs of around 1.2 lakh individuals. The revelation of this data has angered several investors. "I was not aware of my personal data being uploaded on the website. This is a clear violation of my privacy," says a Mumbai-based investor.

This is surprising, especially when last year Finance Minister Pranab Mukherjee rejected a proposal from National Intelligence Grid (NatGrid) to access details of all bank accounts. Mr Mukherjee, in a hand written note, had warned that intrusion into the privacy of bank depositors will discredit the banking system and people will start using other modes for securing their funds.

However, either PFC is not aware of the Finance Minister's opinion or does not understand the difference between transparency in its operations and violating personal privacy.

Currently, the UIDAI is under heavy criticism on privacy issues, use of biometrics and the incentives being paid for enrolling more residents. Many voices have been raised against the forceful implementation of the UID project, with most objections focused on concerns over privacy. Advocate and activist Kamayani Bali Mahabal, who started petitioning Prime Minister Dr Manmohan Singh against UID scheme or Aadhaar, said, "Privacy law is still being made, and until it is in place, the UIDAI should not be doing what it is, and it certainly cannot be allowed to share information as it proposes to do under the 'information consent' clause in its form."

Although, the Constitution does not explicitly specify privacy rights, the Supreme Court in a landmark judgement (Unni Krishnan, J.P & Ors. Etc., versus State of Andhra Pradesh & Ors,) on 4 February 1993, had ruled that "This Court has held that several un-enumerated rights fall within Article (21) since personal liberty is of widest amplitude."