The Reserve Bank of India has asked all banks and financial institutions on Wednesday to provide customers their credit information when they demand.
"Banks and financial institutions are advised to ensure strict compliance with the provisions of the Credit Information Companies (Regulation) Act, 2005 as well as the rules and regulations framed thereunder," the central bank said.
The central bank said it has been receiving complaints, including under RTI Act, that customers are unable to get their own credit report from banks despite the fact that the banks, under Credit Information Companies Act, are required to build a database and be in readiness for effective exchange of credit information without any loss of time.
The Act provides that any person, who applies for credit facility from any financial institution can request it to furnish a copy of the credit information by paying Rs 50.
Credit report is a record of an individual's or company's past borrowing and repaying, including information about late payments and bankruptcy.