Category: Business, Law Services, Technology, Support Services

RBI Rules for Fintechs to Access Credit Data: New Guidelines 2024 , The RBI introduces new rules for fintech to access credit-related data, which will prescribe new rules that will allow a wider range of companies to access to credit data of millions of Indians. Previously, only regulated companies could access the credit information from credit bureaus. As per new RBI norms, fintech companies can access credit data bureaus and can register as customers as per the latest guidelines of the Reserve Bank of India. RBI published a notification on their website on 21 November, stated that the Credit Information Companies Regulation 2006 has been amended which enabled “entities engaged in the processing of information, for the support or benefit of credit institutions and satisfying the criteria laid down by the RBI” to access particular person credit histories, which enable faster turnaround of credit requests especially for small ticket loans where lending is purely based on a certain criterion with no or limited manual intervention.