RBI New Rules for CIBIL Score: The Reserve Bank of India has announced new rules which are important for those who apply for personal loans and other types of loans the rule regarding to credit score of the customer. Credit score is a very important factor why providing loans, especially personal loans. Financial companies and banks who provide personal loans to their customers manage their credit score and after that provide the loan accordingly. But many times most of the customers got rejection from the bank due to bad CIBIL scores or problems with CIBIL scores. But now banks are informed by RBI through new rules regarding to the CIBIL score of the customer. These rules will be implemented from April 2024 so you should also check the following RBI rules which will help you while applying for a personal loan in the Bank.
Reserve Bank of India maintains cibil score of the customers and receives requests From the financial companies and banks to check the CIBIL score of their particular customers. But RBI has said that banks or companies have to inform their customers about their request to check CIBIL scores. This information can be passed on through SMS, direct call, or any counseling. So it will help customers to be aware of the activities that are going on with their data.
RBI New Rules for CIBIL Score
Prepare the annual credit report of the customer
According to the new guidelines of RBI, banks and financial companies have to prepare a report of the credit score of the customer according to their annual transaction activities. However, customer can individually apply for checking their credit score from their bank but they have to pay the application fees for checking the credit score or credit score.
However, banks will provide yearly data of the CIBIL score once a year free of cost to their customers to inform that about their financial activities and their credit status on the government data. It will help customers to increase and maintain their credit score accordingly and will be aware of their financial condition in the bank’s data.
Inform before declaring the default
If the customer cannot repay the loan amount to the financial company or Bank, they can default on their system so other banks will also get the information of the particular person and it will be difficult for the person to get financial have from other sources also. But banks do not provide their actions of declaring default their customers, RBI has informed the banks and financial companies about defaulting to their customers before declaring them default.
It will help the customer to maintain the loan amount within a given duration so they can be prevented from defaulting and will help them to get a personal loan next time. So if any bank or company declares you default without informing you earlier then you can claim or are you with the bank not sharing this information with you?
Banks will be charged Rs 100 per day
If the customer of the bank for financial company is registering the complaint then banks have to resolve the complaint within one month. The RBI will charge 100 rupees per day from the bank if they do not resolve the complaint of the customer within 30 days which will include 21 days for the bank and 9 days for the credit bureau. So basically Bank does not resolve the solution within 21 days then the bank will be charged Rs 100 per day. It will increase the accountability of the bank toward the government and the customer and will increase transparency between the bank and the customer.
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Get the reason for rejection
Banks have to provide specific reasons why the bank is not approving your application for a credit personal loan. Does the Bank provide the specific reason to the customer so they can improve it and after that can get a personal loan after resolving their issue itself? So bank will prepare a list of all reasons that may be reasons for the rejection of any customer’s application.