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Corporate Laws Central Ministry of Finance Reserve Bank of India Act, 1934

Strengthening of customer service rendered by Credit Information Companies and Credit Institutions

26-Oct-2023 | RBI/2023-2024/73 DoR.FIN.REC.49/20.16.003/2023-24

The Reserve Bank of India has issued circular effective from on Strengthening of customer service rendered by Credit Information Companies and Credit Institutions By virtue of this notification the Reserve Bank of India directs Credit Institutions (CIs) and Credit Information Companies (CICs) for strengthening and improving the efficacy of the grievance redress mechanism and customer service provided by them. Key points:- 1. Intimation of access to Credit Information Report and updation of credit information with Credit Information Companies 2. Setting up of Nodal points/ officials by CIs 3. Root Cause Analysis of the Complaints by CIs 4. Reasons for rejection of requests for data correction by CIs 5. Periodic review of match logic algorithm by CICs 7. Ingestion of credit information data by CICs 8. Disclosure of complaints on credit information reporting by CICs 9. Easy access to Free Full Credit Report for the individuals by CICs

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