RBI Rules: RBI's 5 new rules regarding CIBIL score will give great benefit to the customers, implemented from 26th..

Cibil score update: RBI has decided to implement five new rules related to the CIBIL score, which have been made keeping in mind the interests of the customers. These new rules will have a direct impact on the customers, and they can provide them relief in taking loans. This step has been taken keeping in mind the problems of the customers related to the CIBIL report, which will prove to be especially beneficial for those people whose CIBIL score is low (Cibil score new rules) or who have faced problems due to it in the past.

Problems related to the CIBIL report will be resolved soon -

With these new rules of RBI, banks and financial institutions will now be more transparent about the CIBIL score (RBI guidelines for cibil score), so that customers will get quick solutions to their problems related to the CIBIL report. The Reserve Bank of India has recently made some changes under which it will be necessary for loan institutions to give information about the problems received on their website.

These rules have come into effect from April 26. Till now some people are unaware of these new guidelines. The bank has also implemented many other important changes which are to improve financial transactions and customer service. The purpose of these changes is to increase transparency and resolve people's financial matters in the right way.

1. Information will have to be given for checking the CIBIL score -

The Central Bank of India (RBI guidelines) has given new guidelines to financial institutions. Under these guidelines, when a bank or non-banking financial company (NBFC) institution checks the credit score of the customer, it will be mandatory to inform the customer. This information will be sent through SMS or email. This step has been taken given the complaints received from consumers. The purpose of this new rule is to provide transparency to the customers and ensure the security of their financial data.

2. Reason will have to be given for application rejection -

Under the new guidelines of the Central Bank of India, when a consumer's loan application (Loan application process) is rejected, it will be mandatory to give the reason. This step is to allow the consumer to improve in the future. Apart from this, all loan institutions will also have to send information about the reason for rejecting the application (loan reject hone ke karn) in the relevant documents. The purpose of this rule is to increase transparency and give consumers complete information related to their application so that they can make the right decision.

3. No charge for full credit report -

According to the rules of the Central Bank of India, financial institutions have to show their full credit report (Credit report update) to consumers once every year for free. For this, institutions can provide a link on their website. With this facility, consumers will be able to get complete information on their credit report (credit report news) and if there is any mistake or deficiency, then there will be an opportunity to correct it. This step will help consumers to correct and improve their financial situation.

4. Loan default has to be informed before declaring -

Under the new guidelines of the Central Bank of India (RBI new rules), if a bank reports a consumer about default, then it has to first inform the consumer. This information can be sent through any medium. Along with this, banking institutions have also been instructed to appoint nodal officers to resolve problems related to credit scores (good credit score tips). This step aims to provide correct information to the consumers and solve their financial matters in a better way.

5. Settlement will have to be done in just 1 month -

It will be mandatory for credit information companies to resolve the consumer's complaint within 30 days. If this does not happen, then a penalty of Rs 100 will be imposed per day. Loan-giving institutions (loan new rules) have been given 21 days and credit bureau (credit bureau news) 9 days. If the loan-giving institution does not resolve in 21 days, then it will be fined. Similarly, if the credit bureau does not settle in 9 days, then it will also have to bear the loss.

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