Privacy Policy & Regulatory Compliance
Comprehensive data protection framework adhering to RBI, SEBI, WhatsApp Business, Google Play, and global regulatory standards
✅ Fully compliant with: RBI Digital Banking Authorization (2026) | Google Play DLA Requirements | WhatsApp Business API 2026 Updates | SEBI & IRDAI Guidelines
Regulatory Framework & Authorization
New Elite Financial Services operates under full regulatory compliance
Primary Regulatory Authorities
- •Reserve Bank of India (RBI) - Primary Regulator
- •Securities and Exchange Board of India (SEBI)
- •Insurance Regulatory and Development Authority (IRDAI)
- •Ministry of Corporate Affairs
Digital Operations Authorization
Effective January 1, 2026, under new RBI digital banking rules[citation:3]:
- ✓Explicit authorization obtained for digital banking services
- ✓Documented customer consent for digital services
- ✓Compliant with RBI's heightened cybersecurity standards
New Elite Financial Services ("we," "our," or "us") maintains full compliance with the Banking Regulation Act, 1949, RBI Act, 1934, and all subsequent amendments including the 2026 digital banking framework[citation:9]. This Privacy Policy governs our data practices across all platforms including website, mobile applications, WhatsApp Business API, and all customer touchpoints.
Information Collection Framework
Regulatory Mandated Data Collection (RBI/SEBI)
KYC & Identification Data
- • Full name, signature, photograph
- • PAN card, Aadhaar, Passport, Voter ID
- • Date of birth, gender, marital status
- • Proof of address (utility bills, rental agreement)
- • Occupation and employment details
Financial & Transaction Data
- • Income proof (salary slips, IT returns)
- • Bank statements (6 months minimum)
- • Credit history from CIBIL, Equifax, Experian[citation:7]
- • Asset ownership documents
- • Existing liability statements
Platform-Specific Data Handling
WhatsApp Business API 2026 Compliance[citation:1][citation:4]
Permitted Data Collection:
- • WhatsApp phone number (with explicit opt-in)
- • Message timestamps and delivery status
- • Opt-in/opt-out preferences and records
- • Communication metadata (no message content storage)
2026 Policy Updates Adhered To:
- • No general-purpose AI chatbots[citation:1]
- • Only approved message templates used
- • Strict 24-hour customer service window
- • Prohibition on sensitive data sharing via messages[citation:4]
Google Play Store Compliance[citation:2]
As per RBI's Digital Lending App (DLA) requirements:
- • Listed on RBI's approved DLA registry[citation:2]
- • Prohibited from accessing sensitive permissions: photos, contacts, fine location, external storage[citation:2]
- • Clear disclosure of partnered NBFCs/banks in app description[citation:2]
- • Transparent APR, fees, and repayment terms in metadata[citation:2]
Technical & Analytics Data
- • IP address, device type, browser information
- • Website/app usage patterns and session data
- • Location data (for service area verification only)
- • Security logs and authentication records
Regulatory Compliance Matrix
| Regulatory Body | Requirement | Our Compliance Status | Effective Date |
|---|---|---|---|
| RBI Digital Banking[citation:3] | Explicit authorization for digital channels | Fully Compliant | Jan 1, 2026 |
| RBI BSBD Accounts[citation:3] | Free digital services for basic accounts | Fully Compliant | Apr 1, 2026 |
| RBI Payment Security[citation:3] | Two-factor/risk-based authentication | Fully Compliant | Apr 1, 2026 |
| Google Play DLA[citation:2] | RBI approved list & permission restrictions | Fully Compliant | Oct 30, 2025 |
| WhatsApp Business 2026[citation:1][citation:4] | AI chatbot ban, template compliance | Fully Compliant | Jan 15, 2026 |
| RBI Credit Reporting[citation:7] | Submit data to all four CICs | Fully Compliant | Ongoing |
Security Framework & Data Retention
Security Measures (RBI Compliant)
Core Security Infrastructure
- ✓AES-256 encryption for data at rest & TLS 1.3 for transit
- ✓RBI-mandated two-factor authentication for all transactions[citation:3]
- ✓ISO 27001:2022 certified information security management
- ✓Regular vulnerability assessments & penetration testing
Operational Security
- ✓Employee background checks & annual security training
- ✓Strict access controls & role-based permissions
- ✓24/7 security monitoring & incident response team
Data Retention Schedule
| Data Category | Retention Period | Legal Basis |
|---|---|---|
| KYC Documents | 10 years after account closure | PMLA, 2002 |
| Loan Agreements | 8 years after repayment | Limitation Act, 1963 |
| Transaction Records | 7 years | Income Tax Act, 1961 |
| Credit Information | 7 years from last update | CICRA, 2005[citation:7] |
| Communication Logs | 3 years | RBI Grievance Redressal |
Platform-Specific Compliance Details
WhatsApp Business API Compliance 2026
Mandatory Requirements[citation:1][citation:4]
- •Explicit Opt-In: Separate consent for WhatsApp communications
- •No AI Chatbots: Only task-specific automation permitted[citation:1]
- •24-Hour Window: Free-form replies only within 24 hours of user message
- •Approved Templates: All business-initiated messages use pre-approved templates
Prohibited Activities[citation:4]
- ✗Sensitive data sharing (account numbers, IDs)[citation:4]
- ✗Unsolicited marketing messages
- ✗Messages to opted-out users
- ✗General-purpose AI conversational bots[citation:1]
Google Play Store Compliance
RBI Digital Lending App Requirements[citation:2]
- ✓Listed on RBI's approved Digital Lending Apps registry
- ✓Clear disclosure of all partnered NBFCs/banks in app description
- ✓Prohibited permissions not requested (photos, contacts, location)[citation:2]
Required Disclosures[citation:2]
- • Minimum and maximum repayment period
- • Maximum Annual Percentage Rate (APR) including all fees
- • Representative example of total loan cost
- • Complete privacy policy disclosure
Grievance Redressal Mechanism
RBI-mandated complaint resolution framework
Designated Officers
Nodal Officer (RBI Mandated)
For escalation of unresolved complaints
Resolution timeframe: 30 days maximum
Contact & Escalation
Corporate Office
New Elite Financial Services
G-12, Titanium Square, S.G. Highway
Ahmedabad, Gujarat - 380054
Regulatory Escalation
Unresolved grievances may be escalated to:
Reserve Bank of India - Consumer Education and Protection Department
Complaint Resolution Timeline (RBI Guidelines)
Regulatory References & Documentation
RBI Regulations
Official regulatory framework
Terms of Service
Complete terms & conditions
WhatsApp Business Policy
Official Meta guidelines[citation:4]
Regulatory Compliance Certification
This document certifies compliance with all applicable regulations as of January 18, 2026, including:
Regular audits conducted to maintain ongoing compliance with evolving regulations.