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The Reserve Bank of India (RBI) held a high-level meeting with the Managing Directors and Chief Executive Officers of all Credit Information Companies (CICs) as part of its ongoing engagement with supervised entities. The meeting was chaired by Deputy Governor Shri Swaminathan J and attended by Executive Directors and senior officials from the Department of Supervision and the Department of Regulation.
In his opening remarks, the Deputy Governor acknowledged the critical role played by CICs in strengthening India’s financial system. He noted, however, a recent surge in customer complaints related to credit information and highlighted concerns identified during RBI’s supervisory assessments.
The Deputy Governor outlined six priority areas requiring immediate attention from CICs:
Enhancing the accuracy and quality of credit data,
Ensuring timely and effective resolution of customer grievances,
Strengthening the internal ombudsman framework,
Streamlining procedures for processing data correction requests,
Reinforcing cybersecurity and data privacy through strong information security governance,
Addressing concerns related to the use of customer data for consulting and analytics purposes. During the discussion, CICs shared feedback and outlined ongoing initiatives, including collaboration with credit institutions to improve data accuracy and reporting standards.
The RBI stated that it will continue engaging with both CICs and credit institutions to further enhance the efficiency, transparency, and customer protection mechanisms within the credit information ecosystem.
[RBI]