Introducing a framework of compensation mechanism for delayed updation or rectification of credit information by the credit institutions (CIs) and credit information companies (CICs), Reserve Bank of India (RBI) has asked them to resolve complaints filed by customers within 30 calendar days or pay a fine of Rs100 per day after that.
Reserve Bank of India (RBI) has imposed a total penalty of Rs1.01 crore on all four credit information companies (CICs) for inaccurate and incomplete data and not updating credit information within 30 days after receiving complaints from borrowers.
While both the Union government and Reserve Bank of India (RBI) emphasise providing education loans to every needy and deserving student, a much more prudent question is: are the loans reaching the poor, as per the mandate of the education-loan policy to benefit poor students, that has been in place since 2001?