The Reserve Bank of India (RBI) on October 26, 2023, issued a notification regarding the Strengthening of customer service rendered by Credit Information Companies and Credit Institutions
This has a reference to para 4 of the Statement on Developmental and Regulatory Policies released with the Bi-monthly Monetary Policy Statement 2023-24 on April 06, 2023, which states that a comprehensive framework will be put in place for strengthening and improving the efficacy of the grievance redress mechanism and customer service provided by the Credit Institutions (CIs) and Credit Information Companies (CICs).
This shall come into effect within six months from the date of this circular. CICs and CIs are directed to put in place the necessary systems and processes to implement the compensation framework within this period
The following has been stated namely:-
• It states that the CICs shall send alerts through SMS/ email to customers when their Credit Information Report (CIR) is accessed by the Specified users wherever the mobile number/ email ID details of the customers are available. The alerts shall be sent by CICs only when the CIR inquiry is reflected in the CIR of the customer.
• The CIs shall send alerts through SMS/ email to customers while submitting information to CICs regarding default/ Days Past Due (DPD) in existing credit facilities, wherever the mobile number/email ID details are available.
• The CIs shall have a dedicated nodal point/ official of contact for CICs for redress of customer grievances. Details of the nodal point/ official along with email ID and telephone/ mobile number shall be furnished by CIs to CICs.
• It states that the list of reasons for rejection of requests shall be circulated by CICs to all CIs. CIs shall use the same while communicating the rejections of the request for data correction made by customers/ CICs during the grievance redress process.
• It further states that The CICs shall disclose on their websites, details of complaints registered against them and CIs as per the format given in the Annexure attached.
[Notification No. RBI/2023-24/73 DoR.FIN.REC.49/20.16.003/2023-24]
