MUMBAI, Jan 6: The RBI on Monday came out with a master direction consolidating various instructions issued to banks and other financial institutions on reporting of the credit information of their customers.
As per the master direction, credit information companies (CICs) will have to send alerts through SMS/ email to customers when their Credit Information Report (CIR) is accessed by the specified users (SUs).
“The alerts shall be sent by CICs only when the CIR enquiry reflects in the CIR of the customer,” said the Master Direction – Reserve Bank of India (Credit Information Reporting) Directions, 2025.
Also, Credit Institutions (CIs), which include banks and Non-Banking Financial Companies (NBFCs), will have to inform customers the reasons for the rejection of their request for data correction, if any, to enable such customers to better understand the issues in the CIR.
“Complainants shall be entitled to a compensation of Rs 100 per calendar day in case their complaint is not resolved within a period of thirty (30) calendar days from the date of the initial filing of the complaint by the complainant with a CI/ CIC,” the RBI said.
The objective for issuing the master direction is aimed at establishing a standardised framework for reporting and dissemination of credit information; safeguard the confidentiality and security of sensitive credit data; among others. (PTI)
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