BHIM App: Another major shift has occurred in the world of digital transactions in India. The National Payments Corporation of India (NPCI) has released a special update for its popular UPI platform, the ‘BHIM’ app. Users will now be able to check their CIBIL scores as well.
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BHIM App: If you make UPI payments using the BHIM app, there is good news in store for you. The National Payments Corporation of India (NPCI) has taken a significant step toward making digital transactions even more convenient. Now, millions of users of the BHIM UPI app will be able to check their credit scores directly within the app itself. Consequently, users will no longer need to hop across various platforms to track their financial health.
This feature has been developed jointly by TransUnion CIBIL, the National Payments Corporation of India (NPCI), and BHIM Services Limited. Under this initiative, users can view their credit scores on the platform after providing their consent, in compliance with regulatory requirements.
NPCI Enters into Agreement with CIBIL
The National Payments Corporation of India (NPCI) has announced that an agreement has been signed between its subsidiary, BHIM Services, and TransUnion CIBIL. Consequently, users will now be able to easily check their credit scores on the BHIM app. With this new feature, users can view their CIBIL score and credit report directly within the BHIM app. This allows users to easily monitor their credit status without having to leave the platform. NPCI has clarified that credit information will be accessed only with the user’s permission; no data will be accessed without the user’s consent.
How Trustworthy Are You in the Eyes of Your Bank?
At first glance, this might seem like a simple feature, but its impact is profound. Now, the very same app you use to pay bills, transfer funds, and track your expenses will also reveal just how trustworthy your bank considers you to be. The CIBIL score—which ranges from 300 to 900—is regarded as the most critical factor when it comes to loans and credit cards. While a score above 750 is considered good, the majority of people in the country have never actually checked their score. Now, that gap is finally being bridged.
How will this new feature work?
To avail of this new feature, you must first ensure that the latest version of the BHIM app (4.0.19 or higher) is installed on your phone. Within the app, users will now have the option to view their credit report and CIBIL score. With a focus on security and privacy, the NPCI has clarified that credit information will be displayed only if the user provides their explicit consent. No data will be accessed without your consent. This feature is highly beneficial for individuals who frequently apply for loans or credit cards and need to keep a close watch on their credit history.
Users Get Access to Numerous Features
BHIM—India’s own UPI payment app developed by NPCI Bharat BillPay Ltd.—is being utilized in both urban and rural areas. This app is available in over 15 Indian languages. It offers features such as expense splitting, Family Mode, and spending analytics.
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