Latest News | Customers' Complaints Against Credit Information Companies Increasing: RBI
Get latest articles and stories on Latest News at LatestLY. The Reserve Bank on Tuesday said there has been a rise in customer complaints against credit information companies (CICs).
Mumbai, Jan 2 (PTI) The Reserve Bank on Tuesday said there has been a rise in customer complaints against credit information companies (CICs).
The central bank has also found "some concerns" on the conduct of CICs in its supervisory assessment, an official statement said without specifying the concerns.
The statement, released after a meeting between Deputy Governor Swaminathan J and managing directors and chief executives of CICs earlier in the day, also mentioned the specific areas where CICs need to focus on.
"He (Swaminathan) pointed out that, of late, there is a rise in customer complaints related to credit information and some concerns have emerged during Reserve Bank's supervisory assessment," the statement said.
The CICs need to redress customer complaints timely, strengthen the internal ombudsman framework, streamline the process for handling data correction requests, strengthen cybersecurity and data privacy through a robust information security governance framework, improve data quality and also address concerns arising out of usage of data for consulting and analytics, Swaminathan said at the meeting.
Swaminathan also acknowledged the vital role played by CICs in the financial system, as per the statement.
The meeting was also attended by the executive directors and other senior officials of the Department of Supervision and Department of Regulation, it said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)