The Reserve Bank of India has issued a notification to

Solution

The Reserve bank of India (RBI) has notified to lenders, financial institutions and credit bureaus to resolve complaints filed by customers within 30 days or pay a fine of ₹100 per day.The RBI also directed credit institutions (CIs) and credit information companies (CICs) to introduce a compensation framework for delayed updation or rectification of credit information.  CICs maintain credit information of borrowers — individuals, corporates, and small businesses — which can be accessed by banks and other lenders. They collect information from a variety of credit providers including banks, credit card companies and non-bank financial institutions.