RBI asks banks, NBFCs to limit sharing of consumers’ credit data

The Reserve Bank of India (RBI) has asked banks and non-banking finance companies (NBFCs) to restrict access to consumers’ credit data.

The central bank, in a letter, has asked banks and NBFCs to stop granting unregulated entities access to consumer data held by credit information companies, the report said. The move will impact the business model of fintech companies.