The Reserve Bank of India has asked banks to use CRILC (Central Repository of Broad Credit Information) credit information to open current accounts. A vision to enhance credit control is embraced in this declaration.
It is proposed that banks check customer data with the available information and provide customers with instant credit facilities. “Banks may check if the customer is using another bank’s credit facility from the data available in the CRILC database. Other banks can also request the drawee bank’s No Objection Certificate where the initial deposit is made by means of a cheque to the current account,” it said.
Complaints against banks about the delay in opening a current account have been received by the Reserve Bank. RBI set up CRILC to capture, store, and distribute information on all borrowers’ data credit exposures.
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