RBI Raises Non-callable Bank FDs Cap and Mandates CICs for Enhanced Customer Service

The Reserve Bank of India (RBI) has recently increased the limit for non-callable bank fixed deposits (FDs) to Rs 1 crore, signifying a major shift in the country’s financial framework.

Additionally, the RBI has mandated that Credit Information Companies (CICs) must inform clients whenever their Credit Information Report (CIR) is accessed by banks and Non-Banking Financial Companies (NBFCs). This initiative aims to enhance the grievance resolution process and elevate customer service standards.

Moreover, credit institutions are now required to notify consumers when they report credit default or Days Past Due (DPD) data to CICs. If a customer’s request for data correction is rejected, they must receive clarification regarding the reasons for the denial.

To promote better understanding among consumers, the RBI is encouraging awareness campaigns that highlight the significance of providing accurate personal information. The central bank’s guidelines also mandate that CICs offer Free Full Credit Reports (FFCR) annually via a link on their websites.

To obtain a credit score, consumers can visit the Credit Information Bureau (India) Limited, enter their personal details, and answer questions related to loans and credit cards. This will generate their credit report. These initiatives are part of the RBI’s continuous efforts to enhance transparency and accountability within India’s financial sector.