Credit Information companies have been requested to create an awareness to their customers about the credit scores and credit behavior in order for better finance management by the Reserve Bank of India.
The RBI's Regional Director (Chennai), J. Sadakkadulla, on Tuesday stated at the fourth annual CIBIL Credit Information Conference that for masses to benefit from the financial system with the help of credit intermediation, and to reduce the cost of transaction financially. This can be accomplished by facilitating a smooth process of credit decision making.
Then again, he called attention to that however India has an expansive workforce with climbing disposable earnings, the degree of credit entrance is still very low in contrast with the standards globally. One of the explanations behind this is the data asymmetry between the loan specialist and the borrower. Emphasizing the need for a real database, he urged booked business banks, non-saving money account organizations and lodging fund organizations to submit exact information on standard premise.