New Delhi: RBI has issued a new order in the interest of customers. Now if banks and financial companies show reluctance after customer complaints, action will be taken. RBI has said in its new order that if the complaint is not resolved within 30 calendar days from the date of filing the complaint by a customer, then the complainant will have to pay compensation of Rs 100 per day. This order has been issued due to excessive delay in updating data of customers by credit information companies (CICs) and credit institutions (CIs).
RBI has said that CICs should inform customers through email or SMS when their credit information is sought by a bank or NBFC and when they are in default. If this update is not done within 21 days, banks should compensate the complainant. This compensation will have to be paid at the rate of Rs 100 per day.
The RBI has set two deadlines- RBI has said in its main directive that if the CIC (Credit Information Company) fails to resolve the complaint within 30 days of informing the complainant, then the CIC will have to pay compensation to the complainant. The second deadline is to update the credit information. If the CI (Credit Institution) does not provide updated credit information to the CIC within 21 days of informing the complainant or the CIC, then it will also have to pay compensation.
How many CICs are operational?- Currently, four Credit Information Companies (CICs) have been authorized by the Reserve Bank of India (RBI) in the country. TransUnion CIBIL, CRIF High Mark, Equifax and Experian. The complainant should be informed about the action taken on the complaint by the CI/CIC in each case, including cases where the complaint has been rejected. In rejected cases, the reasons for rejection should also be given.
Update via mobile or mail- RBI has said that credit information companies (CICs) should send alerts to customers via SMS/email when they submit default/days of delay (DPD) information in existing credit facilities, where mobile number/email ID is available. If for any reason the data is not being updated, banks and financial companies will also provide this information to their customers.