CIC Urged RBI To Make Payments Banks as a Members
Ahead of the commercial launch of payments banks, credit information companies (CICs) have urged RBI to ensure these newbies in the banking space become their members and share data on the transactions.
"Payments banks will not be into lending, but the transactions which they undertake will help understand borrowers. Therefore, we have requested the RBI to make them our members," Experian Credit Information Company Managing Director Mohan Jayaraman said.
He said RBI has been receptive to the idea and has shown its willingness for the demand, but the changes cannot happen overnight as it will require amendments to the Credit Information Companies (Regulation) Act.
Jayaraman further said even though payments banks will not be lending themselves, the data they share will help analyse bor...