IND RBI Credit Information Complaints

On Oct. 26, IND RBI issued framework for customer compensation.

  • IND RBI issued framework for compensation to customers for delayed updation and rectification of credit information by credit institutions, credit information companies.
  • Framework
  • Complainants shall be entitled to a compensation of INR 100 per calendar day if their complaint is not resolved within 30 calendar days from date of the filing of complaint.
  • The complainant shall be advised by the CI/CIC of the action taken on the complaint in all cases; for cases where the complaint has been rejected, reasons shall be provided.
  • Stipulates responsibility for communication and coordination between CIs and CICs.
  • Effectiveness
  • Compensation framework shall come into effect 6 months from date of this circular.
  • Credit institutions, credit information companies are directed to put in place necessary systems and processes to implement the compensation framework within this period.

Regulators IND RBI
Entity Types CRA; CRB; CU
Reference Nt RBI/2023-24/72, DoR.FIN.REC.48/20.16.003/2023-24, 10/26/2023
Functions Complaints; Compliance; Financial; Legal
Countries India
Products CRA; Loan
Regions AP
Rule Type Final
Rule Date 10/26/2023
Effective Date 4/26/2024
Rule Id 189531
Linked to N/A
Reg. Last Update 10/26/2023
Report Section International

Last substantive update on 10/31/2023