The Reserve Bank of India vide notification dates October 06, 2022 has mandated Internal Ombudsman mechanism for Credit Information Companies (CICs). All Credit Information Companies (CICs) holding a Certificate of Registration shall appoint Internal Ombudsman (IO) at the apex of their internal grievance redress mechanism by April 1, 2023.
Under the mechanism, all complaints that are partly or wholly rejected by CICs will be reviewed by the IO before the final decision of the CIC is conveyed to the complainant. The IO will not entertain any complaints directly from the members of public. The implementation of the IO mechanism will be monitored by the CIC’s internal audit system, apart from regulatory oversight by RBI.
