Published 11:14 IST, March 14th 2024
In the latest annual report, RBI documented 796 complaints against CIBIL between April 1, 2022, and March 31, 2023, facilitated via RBI Ombudsman offices.
Advertisement
Rise in CIBIL complaints: The Reserve Bank of India (RBI) has reported a notable rise in complaints it received against Credit Information Bureau (India) Limited (CIBIL) during the fiscal year 2022-2023.
According to the latest annual report, the RBI received 796 complaints against CIBIL between April 1, 2022, and March 31, 2023, through the offices of the RBI Ombudsman (ORBIOs). This marks the highest number of complaints directed at any credit bureau during this period.
Overall, the RBI documented a total of 1,039 complaints against various Credit Information Companies (CICs) during the same fiscal year, all received through the RBI Ombudsman.
Advertisement
Loan grievance trends
Most of these complaints were related to issues concerning loans, advances, and credit cards. Particularly, CIBIL faced the brunt of complaints, with 581 grievances concerning loans and advances, and 42 disputes regarding credit cards.
Prior to August 2022, individuals encountering discrepancies in their credit reports had limited avenues for recourse, often resulting in financial setbacks such as loan rejections or unfavourable interest rates from financial institutions. However, avenues for lodging complaints have since expanded.
Individuals can now file complaints through multiple channels, including online submissions via the designated RBI website, email correspondence to CRPC@rbi.org.in, toll-free contact centre calls at 14448, or physical submission of complaint forms to the 'Centralised Receipt and Processing Centre' located in Chandigarh, established by the RBI.
Advertisement
11:14 IST, March 14th 2024