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Credit Bureaus Must Resolve Customer Complaint Within 30 Days Else Pay Rs100 Fine Per Day: RBI

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. ....

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RBI Imposes Rs1.01 Crore Penalty on TransUnion CIBIL, Experian, Equifax & CRIF High Mark for Inaccurate Data of Borrowers

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. ....

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