RBI informs credit reporting agencies about increasing customer complaints

The Reserve Bank of India today expressed concerns over rising customer complaints about credit information and asked credit reporting agencies to improve data quality and ensure timely handling of complaints.

RBI Deputy Governor Swaminathan J. had a discussion with the CEOs of Credit Information Companies (CICs). During the course of the interaction, the Deputy Governor also highlighted some of the concerns raised during the Reserve Bank's supervisory review. He emphasized the crucial role that CICs play in the financial system. The meeting was also attended by the Executive Directors and other senior officials of the Department of Supervision and Department of Regulation, RBI said in a statement.

CICs should focus on six areas, including strengthening the internal ombudsman framework and streamlining the process for handling data correction requests. They also need to strengthen cybersecurity and data privacy through a robust information security framework and address concerns arising from the use of data for advice and analysis, Swaminathan said.

The CICs shared their feedback and highlighted the initiatives being taken in collaboration with the credit institutions (CIs) to improve data quality.

First print: January 2, 2024 | 9:17 pm IST