The Reserve Bank of India has proposed a slate of measures to bolster consumer protection following the recent inclusion of credit information companies, or credit bureaus, under the central bank's regulatory umbrella.
With the increase in customer complaints regarding credit information reporting and the functioning of credit information companies, it has been decided to put in place a comprehensive framework for strengthening and improving the efficacy of the grievance redressal mechanism and customer service provided by credit institutions and CICs.RBI Statement on Developmental and Regulatory Policies
The measures proposed by the RBI on Thursday include:
A compensation mechanism for delayed updation or rectification of credit information.
A provision for SMS or email alerts to customers when their credit information is accessed from CICs.
A time frame for the ingestion of data received by CICs from credit institutions.
Disclosures relating to the number and nature of customer complaints received on the website of CICs.
"These measures will further enhance consumer protection," RBI Governor Shaktikanta Das said, in his statement announcing the measures on April 6.
Detailed guidelines regarding the proposals will be issued shortly, the RBI said in a statement. CICs were also brought under the aegis of the Reserve Bank's Integrated Ombudsman Scheme in October 2022.
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