Framework for compensation
Download PDFWhat is the RBI compensation framework?
The RBI vide its circular (RBI/2023-24/72) dated October 26, 2023, has directed CICs and CIs to implement a compensation framework for delayed updation/rectification of credit information. As per the said circular CIs have been granted a period of 21 calendar days and CICs have 9 calendar days to resolve a dispute (i.e. 30 days in total).
Failure of either the bank/financial Institutions and / or TU CIBIL entitles you to receive a compensation of ₹100/- for each day of delay from the bank/financial Institutions and/ or TU CIBIL (as applicable), shall be credited to the provided account details.
This compensation framework becomes effective from April 26, 2024. Disputes initiated prior to April 26, 2024 and subsequently closed will not fall under the provisions of this circular, and therefore, compensation will not be applicable.
RBI Guidelines
Dispute to be resolved within 30 days from date of receipt by CIBIL or banks/financial institutions.
If dispute resolution exceeds 30 days
₹100/day
You are entitled to a compensation of Rs.100 for each day until the closure of dispute.
The compensation will be credited to the account information shared at the time of dispute initiation.
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If you have not added account information for the dispute raised, you can do it from below.*
Contact us page2
* Applicable if you raised a dispute via offline channels - Walk-in or Letter.
If the dispute is delayed, compensation will be provided by the bank and/or TU CIBIL, as applicable.
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Compensation table can be viewed through CIBIL Dashbaord.
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As per the RBI Guidelines, the onus of providing accurate details will lie with the complainant and the banks/financial institution and or TU CIBIL will not be held responsible for any incorrect information provided by the complainant
FAQs
Question Sections
- Compensation Guidelines
- Compensation Eligibility
- Compensation Payout
- Compensation Calculation
- General Questions
- Customer Support FAQs
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The RBI vide its circular (RBI/2023-24/72) dated October 26, 2023, has directed CICs and CIs to implement a compensation framework for delayed updation/rectification of credit information. As per the said circular CIs have been granted a period of 21 calendar days and CICs have 9 calendar days to resolve a dispute (i.e. 30 days in total)Yes, compensation is payable to the complainant if a dispute is not resolved within thirty (30) calendar days from the date of that the dispute or complaint was initially filed. Complainants are entitled to a compensation of ₹100 per calendar day in case their complaint is not resolved within a period of thirty (30) calendar days from the date of the initial filing of the complaint by the complainant with a CI/ CIC. CIs have been granted a period of 21 calendar days and CICs have nine calendar days to resolve a dispute (i.e. 30 days in total). The bifurcation of the amount to be payable by the CI and the CIC in case the complaint is resolved beyond a period of 30 calendar days is mentioned in detail in the said circular.The compensation amount is capped at ₹100 per calendar day after the initial 30-day period for delays in updating or rectifying credit information, with the overall limit determined by the total delay in resolving the dispute or complaint. Therefore, compensation will be applicable in all cases when resolution of the complaint exceeds thirty (30) days from the date of its filing, irrespective of whether changes are required in the credit information or not.This compensation framework is effective from April 26, 2024. Disputes initiated prior to April 26, 2024, and subsequently closed will not be liable for compensation.Yes, the compensation framework applies to both individual consumers and commercial entities.
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Eligibility for compensation arises when the disputed credit information or data inaccuracy in your CIBIL report is not updated or rectified within the stipulated time frame of thirty (30) calendar days from the date of the initial filing of the dispute or complaint, as defined by the Credit Information Companies (Regulation) Act of 2005 and associated regulations.Compensation is applicable for delays in resolving complaints exceeding 30 calendar days, even in cases where no changes or updates are necessary in the CIR. The emphasis of the circular is on the overall time taken to address the dispute, regardless of the need for changes or rectifications in the credit information in the CIR.It is important to note that the compensation pertains to delays in dispute resolution and is not applicable to any other services provided by CIBIL.
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The compensation amount is calculated based on the number of calendar days beyond the permissible period of thirty (30) days within which the dispute or complaint should be resolved. The daily compensation is ₹100, subject to the overall delay.It is essential for consumers to provide correct account information, such as the bank name, account number, and IFSC code, at the time of registering the complaint.Compensation is applicable only if the dispute or complaint is not resolved within the stipulated timeframe of thirty (30) calendar days from the date of the initial filing of the dispute. Unsatisfactory resolution, while a valid concern, is not sufficient reason for compensation. To enquire about the status of compensation for delays in dispute resolution, the consumer can contact the customer helpline of the relevant CI or CIBIL with the respective dispute reference number allocated to them.In case of disagreement with the compensation provided, consumers can access the dispute dashboard for more information about how the compensation was calculated. The dispute dashboard will provide details about the amount payable by the CI and CIBIL, ensuring transparency and clarity in the compensation process.The compensation amount will be credited to the bank account details provided by the complainant when they register the complaint. As per RBI guidelines, the onus of providing accurate details lies with the complainant and the CI and or CIC will not be held responsible for any incorrect information provided by them.The compensation amount to be paid to the consumer by the respective CI/s and CIC will be in proportion to the actual delay caused by the respective CI/s ad CIC in resolving the dispute .Complainants can access the dispute dashboard for details related to compensation calculation. The dispute dashboard will provide details about the amount payable by the respective CI/s and CIC, ensuring transparency and clarity in the compensation process. According to the RBI circular, the compensation should be paid into the account nominated by the complainant within five working days of the complaint being resolved.Yes, as per the RBI guidelines, the onus of providing correct bank account details for the payment of the compensation lies within the complainant. Kindly note that compensation is applicable solely to domestic or local accounts and is not valid for non resident Indian ( NRI) accounts.
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According to the guidelines in the circular there is an overall limit of thirty (30) days to resolve the complaint. CI has twenty-one (21) days and CICs nine (9) days for complete resolution of the complaint. A CI shall pay compensation to the complainant if the CI has failed to send updated credit information to the CICs within twenty-one (21) calendar days of being informed by the complainant or a CIC. A CIC shall pay compensation to the complainant if it has failed to resolve the complaint within the remainder of 9 (nine) calendar days of being informed by the complainant or a CI, despite the CI having furnished the updated credit information to the CIC within twenty-one (21) calendar days of being informed by the complainant or the CIC. For the ease of reference the bifurcation of the amount to be payable by the CI and the CIC in case the complaint is resolved beyond a period of 30 calendar days is mentioned in detail in the said circular.Complainants can access the dispute dashboard provided by CIBIL to view the compensation details. If there is a delay in compensation disbursement from CIBIL, complainants can contact the CIBIL customer support service to enquire further.
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If you believe there are inaccuracies in the calculation of compensation, you can highlight this to us through our customer support along with the Enquiry Control Number (ECN).The RBI plays a regulatory role in overseeing the credit information ecosystem and ensuring that bank/financial institutions and Credit Information Companies (CICs) adhere to the compensation framework as per the Credit Information Companies (Regulation) Act of 2005.Yes, the compensation amount is calculated between CI and CIC based on the delay each entity contributes to the overall resolution of the dispute or complaint. Refer to the details provided in the circular here.The liability for compensation is based on the delay caused by each CI. In this case the compensation is calculated at Rs. 100 per day on a weighted average basis, considering the extent of delay by each CI in relation to the overall delay. Consumers can view details of the delay caused in dispute resolution, by logging into their CIBILaccount. For the ease of reference the bifurcation of the amount to be payable by the CI’s and the CIC in case the complaint is resolved beyond a period of 30 calendar days is mentioned in detail in the said circular.UTR refers to the Unique Transaction Reference Number, which is a unique identifier assigned to each transaction associated with your credit information dispute, facilitating easy tracking and reference.It is different for each transaction made against a specific compensation.Consumers should contact the CI for more information, quoting the assigned dispute ID. As per RBI guidelines, bank account details provided by the consumer during dispute initiation should be shared with CIs by CIBIL.No, compensation is applicable when a dispute or complaint remains unresolved for more than 30 days. If your dispute or complaint is closed within this timeframe, it is considered a timely resolution.
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When contacting customer support for dispute or compensation-related issues, please provide your Dispute ID, Service Request Number, and a brief description of the issue. Ensure your contact details are up to date for effective communication. This information will assist our support team in addressing your concerns promptly.You can initiate a dispute with TU CIBIL and we will verify the details in our records. Click here Alternatively, if you are sure that the enquiry does not belong to you. Click here to write to us Lenders also appoint a principal nodal officer (PNO) expected to oversee the overall complaints management process of the bank/financial institution. You can access this detail here.Yes, you can enquire about the status of your ongoing dispute by contacting our customer support. Our dedicated team is available to provide updates and information regarding the resolution process. Feel free to reach out for assistance in tracking the progress of your dispute and obtaining the latest details on its status. Further, you would also be provided with periodic updates about your disputes on your email id registered with us.Certainly! If you come across technical terms or jargon in your credit report that you find confusing, you can visit our website at www.cibil.com for additional resources and explanations. Our customer support is here to assist you in understanding and navigating your credit report effectively.If a dispute or complaint is rejected by the banks/financial institution or CIBIL, the complainant will receive a notification via the SMS and/or email address supplied when the dispute was lodged. Additionally, the dispute resolution dashboard has a comprehensive view of the resolution status and any updates related to the dispute or complaint. If there are further queries, or more clarification about the reasons for the rejection is required, CIBIL’s customer support team can help.
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