RBI New Guidelines: Banks Must Inform Customers of CIBIL Score

The Reserve Bank of India (RBI) has issued new rules regarding CIBIL scores. Under the new rules, banks must inform customers of their CIBIL score and the reasons for any loan rejection. Additionally, banks must provide customers with free online access to their credit score once a year.

Key Points:

• Banks must inform customers of their CIBIL score and the reasons for any loan rejection.
• Banks must provide customers with free online access to their credit score once a year.
• Banks must resolve customer complaints regarding CIBIL scores within 30 days.

Additional Information:

• The new rules are aimed at protecting consumers and ensuring that they have access to accurate and timely information about their credit scores.
• The rules will come into effect on April 1, 2021.

Here is the shortened version of the article:

The RBI has issued new rules requiring banks to inform customers of their CIBIL score and the reasons for any loan rejection. Banks must also provide customers with free online access to their credit score once a year. The new rules are aimed at protecting consumers and ensuring that they have access to accurate and timely information about their credit scores.

Source : RBI New Guideline: RBI Issued New Rules Regarding CIBIL Score, See Details » SBPC