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RBI rolls out new rules to give customers of Credit Institutions a fair deal

RBI rolls out new rules to give customers of Credit Institutions a fair deal
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Customers to receive alerts when their credit information report is accessed by lenders: RBI asks CICs

Credit institutions, including banks and NBFCs, would also be compelled to alert consumers via SMS or email when they submit information to CICs regarding their current credit default or Days Past Due (DPD).

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RBI rolls out new rules to give customers of Credit Institutions a fair deal

The RBI on Thursday rolled out new rules for strengthening the customer service rendered by Credit Information Companies and Credit Institutions.The move comes as part of the RBIâ€™s move to put "a comprehensive framework in place for .

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RBI streamlines Internal ombudsman scheme of banks, other financial institutions to help customers

As per the RBI governor, the consolidation of master guidelines will fine tune the redressal of customers complaints. In November 2021, the RBI announced the Integrated Ombudsman by merging three different ombudsman schemes. The current announcement deals with streamlining the operational aspect of the ombudsman scheme to make it easier for customers to file complaints.

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RBI asks CICs to prepare data quality index for commercial, microfinance segments

In June 2014, the RBI had issued directions for setting out a common Data Quality Index (DQI) for assessing the quality of data submissions by Credit Institutions (CIs) to CICs, and improving them over a period of time. Currently, the DQI is being used for data submitted under the consumer segment.

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