The Reserve Bank on Tuesday said there has been a rise in customer complaints against credit information companies (CICs).The central bank has also found “some concerns” on the conduct of CICs in its supervisory assessment, an official statement said without specifying the concerns.
The statement, released after a meeting between Deputy Governor Swaminathan J and managing directors and chief executives of CICs earlier in the day, also mentioned the specific areas where CICs need to focus on.”He (Swaminathan) pointed out that, of late, there is a rise in customer complaints related to credit information and some concerns have emerged during Reserve Bank’s supervisory assessment,” the statement said.
Swaminathan also acknowledged the vital role played by CICs in the financial system, as per the statement.The meeting was also attended by the executive directors and other senior officials of the Department of Supervision and Department of Regulation, it said.