Fintechs irks Lenders

Banks have sought indemnity from credit information companies (CICs) for any legal issue that might arise over the latter sharing bank customer information with fintech firms. This is understood to have been conveyed to the four CICs — TU Cibil, Equifax, Experian and Highmark — by a senior official of the Indian Banks Association (IBA) in a meeting on Thursday. Earlier this month, representatives of banks had a meeting to discuss the issue of fintechs getting unbridled access to bank borrower information. Lenders had raised their concerns at the IBA and some wanted to take this up with the RBI. However, it was decided that a formal view would be sought from CICs through the IBA. In Thursday’s meeting, the CICs are understood to have conveyed to the IBA representative that laws do not...