RBI New Rules On CIBIL Score: Reserve Bank of India keeps changing the rules to provide better banking services and security to the customers. These rules have to be followed strictly keeping in mind the difficulty faced by loan holders and other customers apart from credit card holders, the new rules have been implemented.
In which every bank has also been notified to follow this new rule. If you are not aware of this new rule, then in today’s article we will tell you in detail about the new rules regarding CIBIL score implemented by RBI.
New Rules Released by RBI Know Details
The Reserve Bank always tries to provide good facilities to the customers. It has made many strict rules on the banks charging interest and harassing the customers in the name of loan. RBI has been instructed to implement these rules. Moreover, when a customer applies for a loan, their CIBIL Score is checked by the banks, after which they are given a loan. Many changes have also been made to customers when they have to give loans after CIBIL Score verification
These big rules will be applicable from April 26: RBI New Rules On CIBIL Score
- Banks or finance companies providing loans will be required to notify the customer if any customer defaults or is declared in default by the Reserve Bank of India. Lending institutions will also have to notify the customer by email or phone. All these new rules have been implemented to solve the credit score asset problem and this rule will benefit a lot of consumers.
- RBI New Rules On CIBIL Score According to the new rule, if the credit information company does not resolve the customer’s complaint within 30 days, the company will be fined Rs.100 per day, apart from this, if the complaint is late, the company will have to pay the fine for 21 days and the lending institution will be fined for 21 days. Credit bureaus and a grace period of nine days will be given. These rules will be implemented very soon so that the consumers will be greatly benefited.
- In addition, talking about the third important rule, the credit companies have to give the complete credit score to their customers once a year, apart from this, they can also check the complete record through the website, so that the customers will also get the facility to check the complete credit report for free, customers can know their camp score for free and Credit score history can also be known for free
All the rules given above will be implemented from April 26. According to information received through media and other sources, the article mentions the new rules of RBI.