The Reserve Bank of India (RBI) on August 08, 2024, issued a circular regarding the Frequency of reporting of credit information by Credit Institutions to Credit Information Companies.
It is directed that CICs and CIs 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 respective month) or at such shorter intervals as mutually agreed upon between the CI and the CIC. The fortnightly submission of credit information by CIs to CICs shall be ensured within seven (7) calendar days of the relevant reporting fortnight.
CICs shall provide a list of CIs that are not adhering to the fortnightly data submission timelines to the Department of Supervision, Reserve Bank of India, Central Office at half-yearly intervals (as on March 31 and September 30 each year) for information and monitoring purposes.
These instructions shall be effective from January 1, 2025. However, the CIs and CICs are encouraged to give effect to these instructions as expeditiously as feasible but not later than January 1, 2025.
[Circular No. RBI/2024-25/60 DoR.FIN.REC.No. 32/ 20.16.056/ 2024-25]
