The Reserve Bank of India (RBI) on October 26 released the framework for compensation to customers for delayed updation or rectification of credit information by credit institutions (CIs) and credit information companies (CICs).
As per the framework, complainants shall be entitled to a compensation of Rs 100 per calendar day in case their complaint is not resolved within a period of thirty (30) calendar days from the date of the initial filing of the complaint by the complainant with credit institutions.
A complainant may request a CIC or CI to update the credit information by making an appropriate correction, addition or otherwise, and on such request, the CI or CIC shall take steps to update the credit information within thirty (30) days after being requested to do so.
Further, the CI shall forward the corrected particulars of the credit information to the CIC or complainant within a period of 21 days from the date when the CI was informed of the inaccuracy in the credit information.
Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12554&Mode=0
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