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RBI Deputy Governor Swaminathan J on Tuesday met with the Managing Director and Chief Executive Officers of all the Credit Information Companies (CICs).
The meeting was chaired by Deputy Governor, RBI, Swaminathan J was attended by the ExecutiveDirectors and other senior officials of the Department of Supervision and Department of Regulation. On the occasion, the Deputy Governor acknowledged the vital role played by CICs in the financial system. RBI Deputy Governor pointed out that there is a rise in customer complaints related to credit information and some concerns have emerged during the Reserve Bank's supervisory assessment. "Deputy Governor highlighted six key areas for the CICs to focus on, namely - the need to improve the data quality; timely redressal of customer complaints; strengthening of internal ombudsman framework; streamlining the process for handling data correction requests; strengthening of cybersecurity and data privacy through robust information security governance framework; and concerns arising out of usage of data for consulting, analytics, etc," an official statement issued by RBI read. According to RBI's statement, the CICs shared their feedback and highlighted the initiatives that are being taken in collaborating with credit institutions (CIs) to enhance data quality. (ANI)
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