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RBI Issued Master Direction consolidating instructions on credit information of customers
The RBI has issued a master direction consolidating instructions for banks and financial institutions on credit information reporting. Credit Information Companies must alert customers when their Credit Information Report is accessed. Credit Institutions must inform customers of reasons for data correction requests rejection. Complainants are entitled to compensation if complaints are unresolved within thirty days.
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.
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