Credit Information firms to compensate for delayed updations: RBI

Chennai, April 6, 2023

According to RBI Governor Shaktikanta Das, the above measures will further enhance consumer protection

The Reserve Bank of India (RBI) will soon put in place a process whereby people will be compensated by Credit Information Companies (CIC) for delayed updation/rectification of credit information reports, said Governor Shaktikanta Das.

Recently, the CICs were brought under the purview of the Reserve Bank Integrated Ombudsman Scheme (RB-IOS).

"It is now proposed to put in place the following measures: (i) a compensation mechanism for delayed updation/rectification of credit information reports; (ii) a provision for SMS/emailAalerts to customers whenever their credit information reports are accessed; (iii) a timeframe for inclusion of data received by CICs from Credit Institutions; and (iv) disclosures on customer complaints received by CICs," Das said.

According to him, the above measures will further enhance consumer protection.

[IANS]