Credit bureaus need to pay ₹100/day for update delays

The Reserve Bank of India (RBI) has introduced a compensation framework that requires banks and credit bureaus to pay around Rs 100 per day for delays in updating a borrower’s credit report. Credit bureaus have been instructed to send SMS and email alerts to borrowers when lenders access their credit information report, while lenders must alert borrowers when repayments are overdue. The RBI has also mandated that lenders designate nodal officers to handle customer grievances with credit bureaus.