Many individuals are not aware of the existence of such institutions and are shocked to find their names appearing in the defaulters list making it difficult for them to access the banking system for their credit needs. The banks need to take up customer education in this regard as a part of their code of commitments.
The reporting methodology, implications of reporting, rectification mechanism, and remedy for wrong reporting must be properly communicated to all the customers. Financial literacy and education are becoming increasingly important. The inputs in this regard could be made available in different formats including large print, Braille, DVD, audio etc.