RBI New Guideline: Well, it is known throughout the world as in today’s time, if someone applies for a loan, the first thing that will come is that the bank or any loan giving company will check the CIBIL score of the customer and then only that person can be given the loan. After this recent news, the RBI imposed newly conceived laws regarding CIBIL score; under the rule, complete information comes regarding it to the concerned individual after checking the civil score. Thus, let’s first see the details regarding the new rules by the RBI.
bank will have to check CIBIL score and provide information to customer
Even more, by the way, if any bank or any other financial institution checks the civil score of someone or credit score for that matter, it must inform the person immediately. All credit information should be sent via SMS by a bank or financial institution to every customer. It is said that many complaints rained to RBI in illegal connection concerning the CIBIL score, and so this specific rule had been made by RBI.
bank will have to give the reason for the request rejection
If someone applied for a loan through any bank or financial institution and the loan was later refused, then in such cases, the bank or financial institution should inform the customers about the reasons for rejection, otherwise serious legal action against the bank staff concerned.
Online facility will have to be given to the customers
Under the new rules by RBI, it appears that all lending financial institutions and banks must make the credit score known to all customers once a year freely online. With this, customers will keep updated about their credit score.
A penalty will have to be paid for not resolving the complaint
As per the newly set rules, banks and financial institutions have been ordered that in the event of a customer complaint regarding the credit score or CIBIL score, they need to resolver it in a time interval of 30 days only. Failure to resolve the complaint in 30 days will lead the bank to a penalty.
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