The Reserve Bank of India (RBI) has recently raised the cap for non-callable bank fixed deposits (FDs) to Rs 1 crore, marking a significant change in the country’s financial landscape.
In addition, the RBI has issued instructions to Credit Information Companies (CICs), requiring them to alert clients when their Credit Information Report (CIR) is accessed by banks and Non-Banking Financial Companies (NBFCs). This move aims to enhance the grievance redress mechanism and improve customer service.
Furthermore, credit institutions are now obligated to notify consumers when they disclose credit default or Days Past Due (DPD) data to CICs. If a data correction request is denied, customers must be informed about the reasons behind the refusal.
To facilitate better understanding among consumers, the RBI is advocating for awareness campaigns that emphasize the importance of submitting personal details accurately. The central bank’s instructions also include a requirement for CICs to provide Free Full Credit Reports (FFCR) once a year through a link on their websites.
The procedure for obtaining a credit score involves visiting the Credit Information Bureau (India) Limited (CIBIL) website, inputting personal details, and answering loan and credit card-related questions, which then leads to the generation of the report. These measures are part of RBI’s ongoing efforts to foster transparency and accountability in India’s financial sector.
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