Friday, 24 March, 2023

RBI asks banks, NBFCs to stop sharing consumer credit history with fintech cos

<p>RBI today ordered banks and NBFCs not to share unregulated entities access to consumer data held by credit bureaus. The order will have a larger impact on fintech start-ups having a business model around such information. In the letter to banks and NBFCs, the apex bank has raised fingers on the appointment of third party agents and providing access to credit card data. &ldquo;Such actions are against the Credit Information Companies Act 2005,&rdquo; RBI said in the letter.</p>