On Aug. 8, IND RBI issued circular regarding frequency of reporting.
IND RBI reminded on frequency of reporting of credit data by credit institutions (CIs) to credit information companies (CICs), update on 15th, and last day of each month.
Follows IND RBI Oct. 2023 issued notice on strengthening customer service, #189420.
Also follows IND RBI Aug. 2024 statement on developmental, reg policies, #222455.
Revised Reporting Requirements
CIs are required to submit credit data to CICs within seven calendar days after each reporting period; CICs must now process this data within five calendar days of receipt.
This is revised from the previous seven calendar timeframe to process such data.
CICs must report to IND RBI Department of Supervision every six months about any CIs that fail to meet fortnightly data submission timelines, due on Mar. 31, Sep. 30.
CIs and CICs that do not adhere to these directions will be subject to penal action under the provisions of the Credit information companies (regulation) act, 2005.
Effectiveness
Instructions are effective from Jan. 1, 2025, but early compliance is encouraged.
