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In a significant move to protect borrowers, the Reserve Bank of India (RBI) has introduced a new rule stating that a bounced EMI payment will no longer immediately impact a borrower’s CIBIL score. This change aims to provide relief to middle-class borrowers facing temporary financial challenges and ensure fairer credit reporting.
The new guideline is expected to bring greater transparency and accountability to the credit reporting process, helping individuals manage their credit scores better during times of financial strain without the fear of a sudden drop due to a missed EMI.
