The Reserve Bank of India (RBI) has come up with a new master direction to banks and financial institutions on credit information reporting. Credit Information Companies must alert customers when their reports are accessed, and credit institutions must disclose reasons for data correction rejections, ensuring a standardized reporting framework. Credit Information Companies (CICs) are now required to notify customers via SMS or email whenever their Credit Information Report (CIR) is accessed by specified users. Banks and Non-Banking Financial Companies (NBFCs) now must clearly communicate to customers the reasons for denying any data correction requests. This step aims to help customers better understand discrepancies in their credit reports. Customers are also entitled to compensation if complaints are not resolved promptly.
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