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SERVICES

CIC Management

When it comes to managing your interactions with the four credit bureaus, we've got you covered. Our dedicated team handles the entire coordination process, ensuring that every detail is managed efficiently and accurately. By leveraging our expertise and daily interactions with the bureaus, we help you save on manpower costs and boost overall efficiency. Let us take care of the complexities, so you can focus on what matters most.

Core Services Covered
Data Submission involves the monthly or bi-weekly conversion and submission of data to all four credit bureaus. This includes reading RFCU files and compiling analyses for improvement, reporting on Non-Performing Assets (NPA), and reconciling hanging accounts.

OLM tasks include submitting and correcting data with all four bureaus, managing Turnaround Time (TAT) to meet the Reserve Bank of India's requirement of 21 days, and verifying reports as well as communicating with the bureaus.

Dispute Resolution encompasses coordinating with all four bureaus for query resolution, responding to queries raised by the bureaus, managing data related to dispute Root Cause Analysis (RCA), and ensuring thorough communication throughout the process.

Data Quality Indexing

In today’s data-driven world, having accurate and reliable data is paramount. Poor data quality can lead to incorrect decision-making, compliance issues, and increased operational costs. Ensuring the right data is essential for maintaining trust, improving efficiency, and achieving business objectives.

We meticulously correct inaccuracies in data reporting, including closed account reporting, written-off status inconsistencies, duplicate IDs, NPA (Non-Performing Asset) status errors, and many more. Our experts validate your data before submission to the RBI or credit bureaus, minimizing rejections or penalties and significantly reducing consumer-facing errors. This leads to fewer complaints and higher customer satisfaction.

With DQI, your organization will maintain data that’s accurate, consistent, and readily available for internal and external audits. We align your systems with the highest standards of data accuracy, ensuring seamless operations and enhanced decision-making capabilities. By leveraging our DQI service, you can ensure data quality, enhance compliance, and improve overall operational efficiency.

Our Data Quality Indexing (DQI) service specializes in identifying, correcting, and preventing both physical and logical errors in Data Quality Reporting. This ensures your systems are always audit-ready.

Consulting PNO

We provide expert Consulting Principal Nodal Officer (PNO) services for organizations seeking to manage compliance and customer grievances efficiently without investing in separate manpower. Our services are designed for those who need expert knowledge of the banking industry, its laws, and regulations, along with the ability to handle RBI Ombudsman interactions and replies.

We shoulder the essential responsibilities of a PNO to ensure your organization remains compliant, customer-focused, and efficient.

RBI Ombudsman: We handle all aspects of regulatory compliance, including drafting and responding to queries raised by the Reserve Bank of India (RBI). Our team ensures that all responses align with regulatory requirements and timelines. We manage and respond to queries or complaints escalated to the Banking Ombudsman, collaborating with internal teams to ensure accurate and prompt replies. We also prepare reports for submission to regulatory bodies, showcasing compliance with key directives.

Grievance Management: Our team effectively handles customer grievances, ensuring timely resolutions and escalating unresolved issues to the appropriate teams or governing authorities. We maintain detailed records of complaints and resolutions for audit purposes.

Policy Review and Implementation: We review existing grievance redressal policies and suggest enhancements for better efficiency, ensuring alignment with regulatory mandates. Additionally, we train bank employees to adopt a customer-first approach to grievance redressal, assisting in building a framework that enhances trust and satisfaction among customers. (Training costs are additional.)

RBI Supervisory Returns

Filing RBI returns is a crucial responsibility for Banks, Non-Banking Financial Companies (NBFCs), Housing Finance Companies (HFCs), Small Finance Banks (SFBs), and other financial institutions. These returns ensure regulatory compliance, facilitate transparent financial reporting, and help maintain the stability of the financial system. Failure to file these returns accurately and on time can lead to severe repercussions, including regulatory penalties, reputational damage, and disruptions in operations.

Our team of seasoned professionals, comprising former bank employees and experts with extensive experience in RBI Supervisory Returns, can be of great help. We ensure that your RBI returns are filed accurately and promptly, mitigating risks and enhancing your operational efficiency. Let us handle the complexities of regulatory compliance while you focus on your core business activities.

CERSAI

CERSAI (Central Registry of Securitisation Asset Reconstruction and Security Interest of India) is an online database that records security interests created on properties and assets used as collateral for loans. It prevents fraudulent practices, such as multiple loans on the same property, and provides lenders with a transparent system to verify ownership and existing liens.

The prevention of mortgage fraud ensures that a single property is not pledged multiple times to different lenders. It also offers protection for banks and NBFCs, allowing lenders to check the registry to verify whether a property has already been used as collateral. Compliance with the SARFAESI Act mandates that all secured loans must be registered with CERSAI to be legally enforceable. This process further aids in faster debt recovery, helping financial institutions enforce security interest against defaulters.

We specialize in managing high volumes of CERSAI registrations efficiently, ensuring quick turnaround times. Additionally, we handle charge modifications, loan closures, and updates, keeping records up to date. Our robust verification processes help detect and prevent duplicate or fraudulent mortgage registrations, providing operational efficiency and allowing financial institutions to focus on core banking and lending activities.

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CKYC

We facilitate CKYC (Central KYC Registry) for our clients, which is a centralized database that stores KYC (Know Your Customer) records of individuals, introduced by the Government of India. CKYC benefits include one-time KYC submission, faster onboarding, fraud prevention, regulatory compliance, and convenience for customers. This means customers no longer need to submit their KYC documents multiple times for different banks and financial institutions, reducing delays in customer verification and speeding up account openings and loan approvals. Additionally, a centralized database helps detect fraudulent identities and prevents misuse of financial services. Financial institutions also adhere to RBI, SEBI, and IRDAI guidelines for KYC verification, ensuring compliance. With a unique CKYC number, customers can seamlessly transact with multiple financial institutions without re-submitting KYC documents. Our services for clients include existing record verification for CKYC, new CKYC login, CKYC updates, and handling CKYC disputes and alerts.