New Delhi. There is a great relief news for those taking Home Loan, Personal Loan or Car Loan. Reserve Bank of India-RBI has taken an important decision. Now credit information companies (eg Transonian CIBIL) will have to give information about the CIBIL score in real-time (real-time). Earlier, these companies used to update the score only once in 15 days. People who take loans from this new rule are expected to get a lot of benefit.

Why is this necessary?
RBI Deputy Governor M Rajeshwar Rao has clearly stated that now the data should be sent immediately. He said that this will increase trust in the system, work will be more efficient and transparency will come. Bank and NBFC will be able to get the risk better while giving the score in real-time.

Also, if you have stopped the loan or have paid its installment, then this information will also be seen immediately, which will improve the experience of customers. The deputy governor admitted that this change would cost a bit, but its benefits will be more than that cost.

List of valid loan apps released
RBI has taken another major step. He has released a list of legitimate digital apps lending on his website. There are about 1600 apps in this list. Now any customer can check whether the app from which he is trying to take a loan is associated with a legitimate bank or NBFC.

Which apps are included?
This list includes big fintech apps like Google Pay (GPAY), India Pay, Axis Bank App (Axo), Landingkart, Navi, Paytm and Phone Pay. This step has been taken after the RBI’s 2023 digital lending rules, which was said to release such a list.

What is the motive?
The aim of this best effort is to bring transparency in the work of giving digital loan and curb fake or illegal loan apps. Now the Ministry of Electronics and IT will also ensure that only the valid apps included in this list can be found in places like Google Play Store or Apple App Store. RBI will continue to update this list automatically.