RBI unveils framework for updating credit information

“Complainants will be entitled to a compensation of ₹100 per calendar day in case their complaint is not resolved within a period of thirty (30) calendar days from the date of the initial filing of the complaint by the complainant with a CI/ CIC,” the RBI circular said.

The compensation framework will come into effect six months from the date of this circular, the Reserve Bank said and directed CICs and CIs to put in place the necessary systems and processes to implement the compensation framework within this period.

A complainant may request a CIC or CI to update the credit information by making an appropriate correction, addition or otherwise, and on such request the CI or CIC shall take steps to update the credit information within thirty days after being requested to do so, the apex bank said.

The CI will forward the corrected particulars of the credit information to the CIC or complainant within a period of twenty-one days from the date when the CI was informed of the inaccuracy in the credit information.

Credit institutions and credit information companies have been given six months to put in place the necessary systems and processes to implement the ‘Framework for compensation to customers for delayed updation/rectification of credit information’.

The RBI further said the date of the resolution of the grievance shall be the date when the rectified Credit Information Report has been sent by the CIC or CI to the postal address or email ID provided by the complainant, the circular read.

The compensation amount will be credited to the bank account of the complainant within five working days of the resolution of the complaint, the RBI said.

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Updated: 26 Oct 2023, 08:10 PM IST