RBI Directs Credit Information Companies/Institutions to Update Credit Information Fortnightly or at Shorter Intervals
- Blog|News|FEMA & Banking|
- < 1 minute
- By Taxmann
- |
- Last Updated on 12 August, 2024
Latest from Taxmann
Circular No. RBI/2024-25/60 DoR.FIN.REC.No.32/20.16.056/2024-25, Dated: 08.08.2024
Earlier, the RBI vide Circular dated January 15, 2015, directed the credit information companies (CICs) and credit institutions (CIs) to keep the credit information collected/maintained by them updated regularly on a monthly basis or at such shorter intervals as mutually agreed upon between the CI and CIC.
Considering the faster turnaround time in credit underwriting through digital processes, it is necessary that the Credit Information Reports (CIRs) provided by CICs reflect more current information, enabling lenders to make informed credit decisions.
Accordingly, the RBI has now directed CICs and CIs to keep the credit information collected/maintained by them updated regularly on a fortnightly basis (i.e., as on the 15th and last day of the month) or at such shorter intervals as mutually agreed upon between the CI and CIC.
Further, the fortnightly submission of credit information by CIs to CICs must be ensured within 7 calendar days of the relevant reporting fortnight. These instructions are effective from January 1, 2025.
Click Here To Read The Full Circular
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
