Across the globe, in the banking sector, the increased exigency for sturdy laws to keep the customer's personal information secure is a result of increased involvement of Information Technology(IT) in the banking sector. In India, the following legislations have been introduced in the banking sector to protect customer's personal details: 1) As per the Credit Information Companies Act, 2005, CICs, based on the past records of the customers, determine whether they are eligible to access credit facilities, after which information are provided to the  financial institutions and have a restriction of not sharing the informations with any other party except the user, unless otherwise stated. 2) Another notion has been introduced under Insolvency and Bankruptcy code, 2016, known as Information utilities. It creates a robust data storage platform to store all the financial informations of the customer, helping the banks in lending credit to take better decisions. Despite having such strong legislations, customers often fall prey to phishers and end up sharing their personal details, which is clearly a result of lack of implementation. Read more at http://bankingfrontiers.com/data-privacy-banking-sectorstriking-balance/