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RBI allows fintechs to access credit bureaus

January 06, 2022

RBI allows fintechs to access credit bureaus
The RBI has broadened the access to credit data bureaus enabling fintech enterprises to register as customers.

In November 2021, the RBI by a paper notice had altered the Credit Information Companies Regulation 2006. The notice empowered “entities engaged with the handling of data, for the help or advantage of credit foundations and fulfilling the measures set somewhere around the RBI” to get to specific person credit histories.

The current notice turns around the central financial foundation’s stand in 2019 that customer credit information can’t be quickly imparted to fintech organizations. In a correspondence to banks and NBFCs, the RBI had expressed that banks had been naming fintech organizations as representatives anyway this was opposition to the norms.

Under the fresh out of the plastic new standards, any organization entity with a web cost of over ₹2 crores can course of information to help directed lending entity (banks and money enterprises). Likewise, the corporate must be Indian-owned with diversified possession.

A key necessity is that the entity should have a confirmation from CISA (Cybersecurity and Infrastructure Security Agency) licensed auditor that it has a tough and safe data know-how system in place.

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