We have been alerted by Banking Sources that the Reserve Bank of India via notification – DBOD.No.DL.BC. 138/20.16.042/2008-09 has granted access to Consumer Credit Report which banks obtain from CIBIL at a nominal charge of Rs 50 Max.
The RBI Notification said,
the provisions of sub section (1) of Section 21 of the Credit Information Companies (Regulation) Act, 2005, which provides “any person, who applies for grant or sanction of credit facility, from any credit institution, may request such institution to furnish him a copy of the credit information obtained by such institution from the credit information company”. Further, sub-section (2) of the said Section also specifies that every credit institution shall on receipt of request, as indicated in sub-section (1), shall furnish to such person a copy of the credit information subject to payment of charges specified by the Reserve Bank under the Regulations.
So the next time if you apply for a personal / home loan and curious to see what is their in your credit report, print the following notification of RBI and draft a letter attaching the RBI notification and demand to see your credit report.
RBI has strictly warned the banks to comply with its orders.