RBI consolidates credit information reports mandate

MUMBAI: Consolidating its guidelines on credit information reporting in a master circular, the Reserve Bank of India (RBI) has instructed credit information companies (CICs) to notify customers when their credit information reports (CIRs) are accessed. Additionally, it has made it mandatory for credit institutions (CIs), such as banks and non-banking financial companies, to provide reasons when rejecting data correction requests from individuals.