RBI New Rule: For the convenience of customers, the Reserve Bank has instructed banks and financial companies to resolve complaints within the stipulated time. RBI has said that if the settlement is not done within the stipulated time, then customers will have to pay compensation.
RBI has issued a new order in the interest of customers. Now if banks and financial companies show reluctance after customer complaints, then they will be punished. RBI has said in its new order that if a customer does not resolve the issue within 30 calendar days from the date of filing a complaint, then the complainant will have to be paid a compensation of Rs 100 per day. This order has been given to the customers due to excessive delay in data update by banks and financial companies like credit information companies (CICs) and credit institutions (CIs).
RBI has said that CIC should inform customers through email or SMS when their credit information is sought by a bank or NBFC and banks should inform customers when they are in default. If this update is not done within 21 days, then the banks should compensate the complainant. This compensation will have to be given at the rate of Rs 100 per day.
RBI has set two deadlines.
RBI has said in its master direction that if CIC (Credit Information Company) fails to resolve the complaint within 30 days of being informed by the complainant, then CIC will have to pay compensation to the complainant. The second deadline is for updating the credit information. If CIC (Credit Institution) does not provide updated credit information to CIC within 21 days of being informed by the complainant or CIC, then it will also have to pay compensation.
How many CICs are working?
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 by the CI/CIC about the action taken on the complaint in every case, including those cases where the complaint has been rejected. In rejected cases, the reasons for rejecting it 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 information about default/days delayed (DPD) in existing credit facilities, wherever mobile number/email ID is available. If for some reason the data is not being updated, then the banks and financial companies will also inform their customers about this.
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