RBI Directs Credit Information Companies/Institutions to Update Credit Information Fortnightly or at Shorter Intervals
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- Last Updated on 12 August, 2024
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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
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