Did you apply for a loan but the bank turned it down without giving you sufficient details on why they turned down your application?

The Reserve Bank of India has been receiving a number of complaints, including under the Right to Information (RTI) Act, 2005, that customers are unable to get their own credit report from the banks.

The provisions of sub section (1) of Section 21 of the Credit Information Companies (Regulation) Act, 2005, provides “any person, who applies for grant or sanction of credit facility, from any credit institution, may request such institution to furnish him a copy of the credit information obtained by such institution from the credit information company”. Further, sub-section (2) of the said Section also specifies that every credit institution shall on receipt of request, as indicated in sub-section (1), shall furnish to such person a copy of the credit information subject to payment of charges specified by the The Reserve Bank under the Regulations.

Reserve Bank, in Credit Information Companies Regulations, 2006, framed under the Act, has already prescribed in Regulation 12(3) a maximum fees of Rs.50/= (Rupees fifty only) for the purpose.

Access to own Credit Report

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