Banking · Credit Information Companies & Dispute Resolution
Under RBI guidelines for Credit Information Companies (CICs) and Credit Institutions, what is the mandatory timeline and compensation rule for resolving customer credit report disputes after full settlement?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Disputes must be resolved within 15 days, failing which the bank is barred from reporting data for 3 months.
- 2No monetary penalty applies if the delay is due to technical server glitches.
- 3The Credit Institution and CIC are liable to compensate the complainant if the grievance is not resolved within 30 days.✓
- 4Disputes must be resolved within 45 days, and liability arises only if actual financial loss is proven.
Correct answer
The Credit Institution and CIC are liable to compensate the complainant if the grievance is not resolved within 30 days.
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