Send alerts to customers when their credit information report is accessed: RBI directs CICs and lenders

Reserve Bank Functions and news

The Reserve Bank of India (RBI) has issued directives to Credit Information Companies (CICs) to promptly notify clients through SMS or email whenever banks or Non-banking Financing Companies (NBFCs) access their Credit Information Report (CIR). “This move is aimed at fostering transparency and keeping customers informed about the usage of their credit information” it said.…

Threshold limit for Term deposits without premature withdrawal option increased

Deposits

In terms of extant RBI instructions, banks have been permitted to offer domestic term deposits (TDs) without a premature withdrawal option, provided that all TDs accepted from individuals for an amount of Rupees fifteen lakh and below shall have premature-withdrawal-facility. Moreover, commercial and cooperative banks were permitted to offer differential rates on interest on Term…