The Reserve Financial institution of India mentioned it could embrace credit score data firms beneath the built-in ombudsman scheme, making it simpler for customers of credit score bureaus to file their grievances.
“This can present a cost-free alternate redress mechanism to prospects of regulated entities for grievances in opposition to CICs,” the RBI mentioned in its assertion on developmental and regulatory insurance policies.
The built-in ombudsman scheme, created in 2021, permits for a typical grievance redressal scheme for a number of regulated entities.
At present, the built-in ombudsman scheme covers scheduled industrial banks together with city cooperative banks, non-banking monetary firms and non-scheduled main cooperative banks with a deposit dimension of Rs 50 crore and above.
The regulator may also carry credit score bureaus beneath the inner ombudsman framework, the place regulated entities are required to create a proper grievance redressal system to fast-track buyer complaints. That is over and above the prevailing grievance redressal mechanism which these firms could have.
The RBI launched the inner ombudsman scheme for banks in 2018 and for non-bank finance firms in 2019.