MUMBAI, Jan 6: On Monday, the Reserve Bank of India (RBI) unveiled a comprehensive master direction that merges several instructions previously issued to banks and other financial institutions regarding the reporting of customers’ credit information.
According to the master direction, credit information companies (CICs) are required to notify customers via SMS or email when their Credit Information Report (CIR) is accessed by designated users (SUs).
“Alerts will be dispatched by CICs only when the CIR inquiry is recorded in the customer’s CIR,” as stated in the Master Direction – Reserve Bank of India (Credit Information Reporting) Directions, 2025.
Additionally, Credit Institutions (CIs), which encompass banks and Non-Banking Financial Companies (NBFCs), must inform customers about the reasons for any denial of their data correction requests, allowing customers to better comprehend the issues reflected in their CIR.
“Complainants are entitled to a compensation of Rs 100 for each calendar day if their complaint remains unresolved for thirty (30) calendar days from the date of its initial filing with a CI or CIC,” the RBI mentioned.
The purpose of the master direction is to create a standardized framework for the reporting and sharing of credit information, while also ensuring the confidentiality and security of sensitive credit data, among other goals. (PTI)
