RBI Guidelines for the delay in Cibil Updates from the Bank

[abhi6135]

Hi All,

I had a Standard Chartered Bank credit card that expired around Dec 2021. There was some amount due and I was expecting a refund from a third party due to which I was under the impression that it would clear it all but unfortunately, there was a due of around INR 1100 which I missed paying for the next couple of months.

Finally, I paid 7400 in Dec 2022. (I have multiple other credit cards but I have never missed a single payment in the last 8 years, this one got delayed due to my wrong assumptions.)

Last week, I checked my Cibil, and it still shows the account under the Open section with the status of Written-Off along with the due amount. Also, the payment history is showing as LSS till Mar 2024. I called the bank and asked for the same so they sent me the NOC a few days back.


My questions are:

1. Is updating/reporting the correct status to CIBIL not the bank's responsibility after the payment? I am asking this as in the CIBIL report I can see that the bank verified and confirmed the last payment statuses and the dues.
2. I called the bank again today and mentioned all of this. They have mentioned that they have registered a complaint but also mentioned that the status doesn't update automatically unless I request it. Is this really how this works?
3. Is there any RBI guideline related so that I can register a complaint? Also, is the bank liable to pay any compensation for the delay?

Thanks in advance for the responses

 

[cardy]

1. It's the banks responsibility to update payment info by themselves and its updated automatically in most of the cases.
2. The Status should be updated automatically without any request by customers. It's their responsibility.
3. There is proper guideline by RBI that if the updation is delayed then the credit institution or credit bureaus who have failed to update, have to pay Rs 100 per day to the customer upto the day of correction made from the date of making an official written complaint.

 

[#aniket]

3. There is proper guideline by RBI that if the updation is delayed then the credit institution or credit bureaus who have failed to update, have to pay Rs 100 per day to the customer upto the day of correction made from the date of making an official written complaint.

How credit bureau(s) is at fault when intimation is not given by the bank?

 

[cardy]

the credit institution or credit bureaus who have failed to update

How credit bureau(s) is at fault when intimation is not given by the bank?

By credit institution I mean lending institution that may be any bank or nbfc
Who is at fault will be bound to pay. May be it's bank or nbfc or cibil or Experian etc

 

[cardy]

There proper timeline is mentioned in the RBI guideline