The Reserve Bank of India on January 06, 2025, notified the Master Direction – Reserve Bank of India (Credit Information Reporting) Directions, 2025.
The following has been stated-
•These Directions shall come into force with immediate effect unless otherwise specified.
•It consolidates the instructions issued to REs on reporting of the credit information.
•These directions aim to establish a standardised framework for reporting and dissemination of credit information; safeguard the confidentiality and security of sensitive credit data; provide mechanisms for consumers to access their credit information and grievance redressal on matters related to credit information reporting.
•The provisions of these Directions shall be applicable to credit institutions (CIs) and credit information companies (CICs) as defined in these Directions.
•All CIs shall become members of all the CICs registered with the RBI. One-time membership fee charged by the CICs from the CIs to become their members shall not exceed ₹10,000/- each. The annual fees charged by the CICs from the CIs shall not exceed ₹5,000/- each.
[Notification No. RBI/DoR/2024-25/125 DoR.FIN.REC.No. 55/20.16.056/2024-25]
