According to the master direction, credit information companies are required to notify customers via SMS or email whenever their Credit Information Report is accessed by the specified users.
The Reserve Bank of India (RBI) released a master direction on Monday that consolidates various guidelines previously issued to banks and financial institutions regarding the reporting of customer credit information, as reported by PTI.
According to this master direction, credit information companies (CICs) are required to send alerts via SMS or email to customers whenever their Credit Information Report (CIR) is accessed by the specified users (SUs).
“The alerts will be dispatched by CICs only when the CIR inquiry is reflected in the customer’s CIR,” stated the Master Direction Reserve Bank of India (Credit Information Reporting) Directions, 2025.
Furthermore, Credit Institutions (CIs), which include banks and Non-Banking Financial Companies (NBFCs), are obligated to inform customers of the reasons behind any rejection of their data correction requests. This is intended to help customers better understand the issues present in their CIR.
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“The complainants shall be entitled to compensation of Rs 100 for each calendar day if their complaint remains unresolved for thirty (30) calendar days from the date of the initial complaint filed with a CI or CIC,” the RBI noted.
The purpose of issuing this master direction is to create a standardised framework for the reporting and dissemination of credit information, while also ensuring the confidentiality and security of sensitive credit data, among other objectives.
