RBI's New CIBIL Guidelines Offer Relief to Borrowers with Poor Credit Score
New Delhi/Mumbai : In a landmark move aimed at improving credit accessibility and increasing transparency in the loan process, the Reserve Bank of India (RBI) has issued new rules concerning CIBIL scores—providing a significant relief to borrowers with low or poor credit history.
According to Shankar Thakkar, National Secretary of the Confederation of All India Traders (CAIT) and President of the All India Edible Oil Traders Federation, these reforms will benefit those who, due to unavoidable circumstances like pandemics, natural disasters, or banking errors, have seen their credit scores drop and struggled to secure loans despite financial recovery.
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