MANU/RMIC/0156/2022

Ministry : Reserve Bank of India

Department/Board : Customer Service Department

Circular No. : CEPD.PRD.No.S806/13-01-008/2022-2023
                   RBI/2022-2023/124

Date : 06.10.2022

Notification/ Circulars Referred : Statement on Developmental and Regulatory Policies dated August 5, 2022 MANU/RPRL/0337/2022

Referred IN

Citing Reference:
Statement on Developmental and Regulatory Policies dated August 5, 2022 MANU/RPRL/0337/2022  Referred

All Credit Information Companies

Madam/ Sir,

Appointment of Internal Ombudsman by the Credit Information Companies

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.

Yours faithfully,
(Anupam Sonal)
Chief General Manager