The Reserve Bank of India (RBI) on October 10, 2024, notified regarding the Implementation of Credit Information Reporting Mechanism subsequent to cancellation of licence or Certificate of Registration.
The entities whose licence or Certificate of Registration (CoR) has been cancelled by the Reserve Bank of India, can no longer be deemed as CIs under CICRA and their credit information cannot be accepted by the CICs. In such cases, repayment history of borrowers of these entities is not updated even if these borrowers continue to repay/ clear their dues.
In order to redress the hardship faced by such borrowers, in exercise of the powers conferred by sub-section (vii) of section 2(f) and sub-section (1) of section 11 of CICRA, the Reserve Bank of India directs CICs and CIs to implement a credit information reporting mechanism subsequent to the cancellation of the licence/CoR of banks/ Non-Banking Finance Companies (NBFCs) as given in the Annex.
These instructions shall be implemented within six (6) months of the date of the circular.
[Notification No. RBI/2024-25/81 DoR.FIN.REC. 47/20.16.042/2024-25]
