%20(500%20%C3%97%20280%20px)%20(500%20x%20300%20px)%20(15).png "RBI releases MD on Credit Information Reporting")
- Here are the key highlights:
- Alerts for Customers: Credit Information Companies (CICs) must send alerts via SMS or email to customers when their credit information report (CIR) is accessed by specified users (SUs).
- Reasons for Rejection: Credit institutions (CIs) must inform customers about the reasons for rejecting their request for data correction.
- Compensation for Delays: Customers are entitled to compensation of ₹100 per calendar day if their complaint is not resolved within 30 calendar days.
- Third-Party Sharing: CICs must implement robust due diligence and control mechanisms when sharing credit information with entities that are not specified users.
- Data Quality Index (DQI): Lenders will receive monthly scores on the accuracy of data submitted, helping them improve data accuracy and ensure accurate credit evaluations.
- Faster Updates: Credit score updates must now be done every 15 days instead of monthly, providing a more accurate and timely representation of a borrower's credit activity.
Question:
1 As per the RBI’s Master Direction (MD) on Credit Information Reporting, What is the entitlement for customers if their complaint is not resolved within 30 calendar days?
- A) ₹100 per calendar day
- B) ₹140 per calendar day
- C) ₹150 per calendar day
- D) ₹200 per calendar day
