The RBI announced that credit information companies (CICs) will have to compensate clients for delays in updating or correcting their credit information by giving them a daily payment of Rs 100. The Framework for reimbursement to consumers for delayed updation/rectification of credit information will be implemented in six months by CICs.
RBI Framework 2.0: SBI Card puts in place mechanism for COVID stress relief
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Last Updated: May 24, 2021, 10:17 PM IST
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Synopsis
Earlier this month, the Reserve Bank came out with the Resolution Framework 2.0 under which individuals and small businesses having exposure up to Rs 25 crore can opt for loan restructuring if they had not availed its earlier scheme.
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Stock of SBI Card ended at Rs 1092.05 apiece on BSE, up 2.63 per cent from the previous close.
SBI Cards and Payment Services (SBI Card) on Monday said it has framed a COVID-19 related stress resolution mechanism in accordance with the RBI s recently announced relief measures. Pursuant to RBI s circular dated May 5, 2021, the company has framed the resolution framework 2.0 for COVID-19 related stress of individuals and small businesses, based on the tenets as enumerated in the central bank guidelines, SBI Card said in a regulatory filing.