Appointment of Internal Ombudsman by the Credit Information Companies- (Reserve Bank of India) (06 Oct 2022)

MANU/RMIC/0156/2022

Banking

1. Please refer to paragraph 2 of the Statement on Developmental and Regulatory Policies dated August 5, 2022, wherein the decision to bring Credit Information Companies (CICs) under the Internal Ombudsman (IO) Framework was announced with a view to strengthen and improve the efficiency of the internal grievance redressal mechanisms of CICs.

2. Accordingly, in exercise of the powers conferred by sub section (1) of Section 11 of the Credit Information Companies (Regulation) Act, 2005 (the Act), the Reserve Bank of India, being satisfied that it is in public interest to do so, directs all Credit Information Companies holding a Certificate of Registration under sub-section (2) of Section 5 of the Act, to comply with the Reserve Bank of India (Credit Information Companies- Internal Ombudsman) Directions, 2022 annexed herewith, by April 1, 2023.

Tags : APPOINTMENT INTERNAL OMBUDSMAN COMPANIES