RBI allows fintechs to access credit bureaus

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MUMBAI: The RBI has widened the access to credit information bureaus enabling fintech companies to register as users.
In November 2021, the RBI through a gazette notification had amended the Credit Information Companies Regulation 2006. The notification 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 individual credit histories.
The recent notification reverses the central bank’s stand in 2019 that consumer credit information cannot be directly shared with fintech firms. In a communication to banks and NBFCs, the RBI had said that banks were appointing fintech firms as agents but this was against the norms.
Under the new regulations, any corporate entity with a net worth of over Rs 2 crore can process information to support regulated lending entities (banks…

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