On Oct. 10, IND RBI revised guidelines on submission of information.
IND RBI said that it has updated guidelines on submission of information to credit information companies (CICs) by asset reconstruction companies (ARCs).
To align them with guidelines applicable to banks and NBFCs, and to help maintain a track of borrowers’ credit history after transfer of loans by banks and NBFCs to ARC.
Guidlines
ARCs must become members of CICs, submit data per uniform credit reporting format.
ARCs must update data on a fortnightly basis or shorter intervals if mutually agreed; must rectify rejected data from CICs, upload corrections within seven days of receipt.
Must have a standard operating procedure (SOP) for handling CIC-related matters; ensure regular data updates, including all repayments, particularly final installment.
Centralize issuance of no-objection certificates and information submission to CICs.
Appoint a nodal officer to handle CIC-related matters; prioritize customer grievance redressal; integrate credit-related grievance redressal with existing systems.
Comply with time limits under the Credit information companies regulations, 2006.
Effectiveness
ARCs must comply with these guidelines by Jan. 1, 2025.
Regulators
IND RBI
Entity Types
Corp; CRB
Reference
Nt RBI/2024-25/82, DoR.FIN.REC.No.46/26.03.001/2024-25, 10/10/2024; Cir DNBS (PD-SC/RC). CC. No. 23/26.03.001/2010-11, 11/25/2010
