A few months ago, the Reserve Bank of India (RBI) made some new rules related to CIBIL score, which have been implemented from January 1, 2025. These rules of RBI are very beneficial for you. Let us know about the rules related to RBI’s CIBIL score.
CIBIL score rules: CIBIL score of every person is very important for him. Having a good CIBIL score can easily solve financial problems. If your CIBIL score is good, then you can easily take a loan from the bank in future. A few months ago, the Reserve Bank of India i.e. RBI had made some new rules related to CIBIL score, which have been implemented from January 1, 2025. These rules of RBI are very beneficial for you. With these, you can maintain a good CIBIL score. Let us know about the rules related to RBI’s CIBIL score.
CIBIL update in 15 days
According to RBI rules, every customer’s CIBIL score will be updated in 15 days, which means every bank and financial institution will now have to update the customer’s credit score as soon as possible. Credit institutions are required to provide the customer’s credit information to CIC every month.
Customer will get information about CIBIL update
According to RBI rules, whenever a company checks its customer’s credit report, it will have to inform the customer about it. The company can send this information through SMS or e-mail.
Reasons for rejecting the request
Whenever a company rejects a customer’s request, the company will have to tell the customer the reason why their request has been rejected. It is mandatory for companies to make a list of reasons for rejecting the request and send it to all credit institutions.
Full credit report once a year
According to RBI rules, companies will have to give full credit report to their customers once a year. For this, companies will have to share a link on their website, through which customers can see their full credit report.
Update to the customer before defaulting
Under RBI’s new rule, if a customer is going to default, then companies will have to inform the customer before defaulting.
Every problem will be solved within 30 days
From now on, every company will have to resolve the complaints of its customers within 30 days. If the companies are unable to do so, they will have to pay a fine of Rs 100 per day. In this, the loan disbursing institution will get 21 days and the credit bureau will get 9 days.