The Central Bank of India has put forth a fresh set of guidelines to ensure that customers are duly compensated for any lag in the correction or updating of financial data by credit institutions (CIs) and credit information companies (CICs).
Per the communication by RBI, individuals lodging a grievance regarding inaccuracies in their financial data are entitled to remuneration if their matter isn’t settled within a span of thirty days from the initial complaint date. The remuneration stands at ₹100 for each day beyond the stipulated resolution timeframe.
The guidelines are slated to come into effect half a year from the date of the communication. The Central Bank has directed both credit institutions (CIs) and credit information companies (CICs) to set up the requisite systems and processes needed to enforce this remuneration guideline within this period.
The protocol for making corrections, as outlined by the Central Bank, permits an individual to approach credit institutions (CIs) and credit information companies (CICs) to seek amendments, additions, or other modifications to their financial data. Upon such a request, the CIs or CICs are required to execute the changes within thirty days. The CI must then relay the amended data details to the CIC or the individual within twenty-one days from the date the CI was apprised of the inconsistencies.
Credit institutions (CIs) and credit information companies (CICs) are allotted six months to ensure their systems and processes comply with the ‘Guidelines for remuneration to customers for tardy correction/amendment of financial data.’
The Central Bank elaborated that the date of grievance resolution is deemed to be when the amended Financial Data Report is sent to the address or email specified by the individual. Additionally, the remuneration sum should be deposited into the individual’s bank account within five business days post the complaint’s resolution.
