RBI New Rules Regarding borrowing Scores | financial News | CIBIL को लेकर RBI का 5 नए नियम | Tech Studio
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What are 5 factors that affect a borrowing score?
What are the 7 basic components of a borrowing score?
How are borrowing scores calculated?
borrowing score rules in india
borrowing score rules for debt
What is a borrowing score and why is it important
What is a good borrowing score
What is an excellent borrowing score
1. Information regarding CIBIL check will have to be sent to the customer.
The central money institution has told all borrowing information companies that whenever a money institution or non-banking financial companies (NBFC) checks a customer’s borrowing report, it is necessary to send information to that customer. This information can be sent via a SMS or an inbox. The RBI swung into action to action after a lot of people made complaints about it.
2. It is necessary to give the reason for rejecting the request.
According to the RBI, if a borrower rejects a customer’s request, it is necessary to tell them the reason for it. This will make it easier for the customer to understand why his request has been rejected. The central money institution has also asked borrowers to make it necessary to make a list of the reasons for rejecting the request and send it to all borrowing institutions.
3. Give free full borrowing report to customers once a year.
According to the RBI, borrowing companies should provide free full borrowing score to their customers once a year. For this, the borrowing enterprise will have to display a link on its website, so that customers can easily check their free full borrowing report. This will allow customers to know their CIBIL score and complete borrowing history once a year.
4. It is necessary to inform customer before reporting default.
According to the Reserve money institution of India, if a customer is about to default, it is necessary to inform the customer before reporting the default. Borrowers should share all information by sending an SMS/e-mail. Apart from this, banks and debt giving institutions should appoint a nodal officer. The nodal officer will work to solve problems related to borrowing score.
5. Complaint should be resolved within 30 days.
If the borrowing information enterprise does not resolve the customer’s complaint within 30 days, it will have to pay a fine of Rs 100 per day. That is, the later the complaint is resolved, the higher the fine will have to be paid. The debt disbursing institution will get 21 days and the borrowing bureau will get nine days. If the money institution does not inform the borrowing bureau within 21 days, the money institution will have to pay a penalty. If the complaint is not resolved even after 9 days of the money institution’s information, then the borrowing bureau will have to pay a penalty.
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