RBI looks to ensure uniformity in credit bureau data quality
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
( Originally published on Jul 04, 2025 )
New Delhi: The banking regulator is examining suggestions to further streamline credit bureau processes and reduce information asymmetry with lenders, a move aimed at addressing data inconsistency and transparency for customers, said people familiar with the development."A technical working group has been formed by the RBI (Reserve Bank of India) to address concerns raised by financial institutions related to credit information companies (CICs)," said an executive, who did not wish to be identified.A senior public sector bank executive said the four CICs - TransUnion Credit Information Bureau (India) Limited (TransUnion CIBIL), Equifax, Experian and CRIF High Mark - have given some suggestions to the RBI to ensure data uniformity and also to set up a common grievance redressal portal."There is a need for some more common standards among CICs so that there is a uniformity relating to data quality index (DQI), and also for looking into the records of inactive or written-off customers," the executive said, adding that a single-window platform for data submission can also be explored.Queries emailed to the RBI did not elicit a response till press time.The RBI has extended the alternative grievance redressal mechanism under the Reserve Bank-Integrated Ombudsman Scheme, 2021 to cover grievances against CICs.Earlier this week, RBI deputy governor M Rajeshwar Rao said a key challenge is identity standardisation and that CICs rely on credit institutions to provide accurate and validated IDs. "There is a need to move towards a unique borrower identifier , which is secure, verifiable and consistent across the system," he said, addressing the TransUnion CIBIL's Credit Conference in Mumbai.The RBI has been taking up with CICs the issue of quick disposal of complaints raised against them. In 2023 it had mandated that complainants are entitled to compensation of ₹100 per day if their complaint is unresolved within 30 days from the initial filing.The RBI deputy governor, in his speech, also said that CICs must aspire to more frequent updates of credit data, as against the current fortnightly interval.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
27 minutes ago
- Hans India
Banks only decide on minimum a/c balance: Guv
Gozaria (Guj): Reserve Bank of India (RBI) Governor Sanjay Malhotra on Monday said banks are free to decide the minimum balance for savings accounts and that it does not fall under the regulatory domain of the RBI. He was speaking to reporters on the sidelines of a function on 'Financial Inclusion Saturation Drive' organized at Gozaria village Panchayat in Gujarat's Mehsana district. Asked about a private bank increasing the minimum balance required for savings accounts, Malhotra said: 'The RBI has left it to individual banks to decide on what minimum balance they want to set. Some banks have kept it at Rs10,000, some have kept Rs2,000 and some have exempted (customers). It is not in the regulatory domain (of RBI).' In a recent decision, private lender ICICI Bank increased the minimum balance requirement for those opening new savings accounts from August 1. The minimum average monthly balance (MAB) has been increased by five times to Rs50,000 from Rs10,000 on savings bank account, as per the lender's website. Similarly, MAB for semi-urban locations and rural locations have been increased five times to Rs25,000 and Rs10,000, respectively. Incidentally, the State Bank of India has decided not to penalise savings account holders if they do not keep minimum balance. Traditionally, public-sector banks have lower balance requirements compared to private lenders with the requirement waived for Jan Dhan accounts. Several public-sector banks have done away with the requirement, and customers who fail to maintain the minimum prescribed balance do not need to pay a penalty. Speaking at the event, Malhotra said digital literacy was very important to succeed in the new age. 'Earlier they used to say if you do not study you will not prosper. In today's age, this is the same for digital literacy. If you do not have digital literacy you will not progress,' he said.
&w=3840&q=100)
Business Standard
27 minutes ago
- Business Standard
₹500 notes top India's counterfeit haul: 2.17 lakh fake bills found in FY25
The detection of counterfeit currency in India saw a slight decline in 2024–25, with 2.17 lakh fake notes recovered, compared to 2.23 lakh in the previous year, Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha on Monday. Of the total seizures, ₹500 denomination notes (MG New Series) formed the largest share, with 1,17,722 pieces detected. This was followed by 51,069 fake notes of ₹100 and 32,660 counterfeit ₹200 notes. Chaudhary said the Government of India, in consultation with the Reserve Bank of India (RBI), periodically reviews and upgrades security features of banknotes under Section 25 of the RBI Act, 1934, to stay ahead of counterfeiters. 'Incorporating new security features and designs in banknotes is a continuous process,' he noted. Counterfeit currency notes of Rs 500 denomination rose over 37 percent on a yearly basis to 1.18 lakh pieces during financial year 2024-25 in the banking system, according to the Reserve Bank of India's (RBI) Annual Report 2024-25. In the previous financial year, Rs 500 denomination counterfeit stood at 85,711 pieces. How do you spot fake notes? ICICI Bank has some tips Key Features that can help you spot fake notes are mentioned below: 1. Image of Gandhiji The familiar face of Mahatma Gandhi on your rupee note is not just a tribute to the father figure of our nation; it is also a safety feature! The faint copy of Gandhiji's portrait is a watermark and is an important inclusion when making the paper. On actual notes, the watermark is visible and consistent with the name of the note (e.g., a Rs. 100 watermark would show Gandhiji's face and "100"). This is where things get interesting! Counterfeiters often try to copy this striking watermark exactly. False watermarks may be made with heavy oils or greases, creating a rough or blurry image that does not match its true clarity. To check this, hold the line up to a light source. If you see a faint matching Gandhiji watermark, you are likely holding a genuine piece of paper money. However, if the watermark appears blurred, hard, or absent, the document may be forged. So, the next time you receive a piece of paper money, you should take some time to examine Gandhiji—not only for his historical significance but also for his role in protecting your money! 2. Formatting Pay attention to the numbers on your next Indian rupee note. Believe it or not, how these numbers are printed can reveal a lie! Actual characters have crisp, even spacing between the numbers. They should all be the same size and font, and they should line up perfectly. If you notice any inconsistencies, such as uneven spacing, different letter sizes, or numbers that look slightly inverted, it may be a fake. Do not be fooled by seemingly minor formatting issues; true fonts will have a clean and professional appearance overall. 3. Ink Quality Pay close attention to the information printed on your rupee note. Like a well-designed photo, real text boasts a crisp, clean print. This means that text, borders, and images should all appear sharp and defined. On the other hand, forgers often try to mimic this quality. Watch out for imperfections, such as tarnished ink, which may look dull or greasy. Broken lines or faded colours can also be alarming for you. If you hold the paper in a good light and scrutinise the printed text, you can spot these signs. Remember that even minor printing imperfections can indicate a fake, so checking carefully is essential! 4. Security Thread Do not be fooled by simple lines! Genuine Indian currency notes have a special security thread embedded in the note itself. Think of it as a small, woven mesh running through the paper. This thread is not just printed on the surface. To check the presence of this feature, hold the label transparent and rotate it slightly. On actual characters, the text "Bharat" (भारत) in Devanagari script and the name of the character will appear visible and change in the yarn. If the text seems to be vertical or just printed across the top of the paper, it is an alarm! This security thread is an important factor in distinguishing genuine money from clever counterfeits. 5. Typography and micro-lettering Indian currency notes have a hidden weapon in their fight against counterfeiting: micro-lettering. These are incredibly tiny letters printed on the paper, invisible to the naked eye. But fear not; you do not need supernatural vision to check them. You must grab a magnifying glass, a handy tool for anyone. Once you have your magnifying glass in hand, focus on two areas: the orchestra near the portrait of Mahatma Gandhi and the words "Reserve Bank of India." On real characters, lowercase letters should be clear, sharp, and consistent. It will appear as a continuous string of small letters and is usually the name of the character. In contrast, the fake currency notes makers often try to mimic these phenomena in their notes. Small letters on false labels may be indistinct, inaccurate, or even missing altogether. By analysing these small details with your magnifying glass, you can successfully find real currency notes.
India.com
27 minutes ago
- India.com
Banks To Be Closed For 4 Days In THESE Cities From Tomorrow 13 August 2025 --Check List
New Delhi: Banks will have extended holidays this week between August 13 and August 17, as per the RBI bank holiday list. However, it must be noted that these holidays will not be straight holidays for all branches across the country. Banks will be closed in various states for different festivals and regional celebrations being observed this week. Banks will remain closed for upto 4 days (each day differently in various cities) from tomorrow on account of several regional festivities, gazetted holidays and those of weekends. Bank Close 4 Days From Tomorrow, 13 August 2025 August 13, Wednesday -- Banks in Imphal to be closed on account of Patriot's Day. August 15, Friday -- Banks across India closed on account of Independence Day, Parsi New Year, and Janmashtami August 16, Saturday -- Banks in Ahmedabad, Aizawl, Bhopal, Ranchi, Chandigarh, Chennai, Dehradun, Gangtok, Hyderabad , Jaipur, Kanpur, Lucknow, Patna, Raipur, Shillong, Jammu, Srinagar, Vijayawada will be closed on account of Janmashtami and Krishna Jayanthi August 17, Sunday --Banks across India will remain closed for Sunday weekend holiday Furthermore, you must note that the banks will NOT be closed for all the days consecutively in all states or regions. This is the total number of days when banks in different parts of the country will remain closed for state-observed holidays. For instance banks will be closed for Birthday of Birthday of Maharaja Bir Bikram Kishore Manikya Bahadur in Agartala, but in other states it will NOT be closed for the same reason. Reserve Bank of India places its Holidays under three brackets --Holiday under Negotiable Instruments Act; Holiday under Negotiable Instruments Act and Real Time Gross Settlement Holiday; and Banks' Closing of Accounts. However, it must be noted that the bank holidays vary in various states as well not observed by all the banking companies. Banking holidays also depend on the festivals being observed in specific states or notification of specific occasions in those states.
