The Reserve Bank of India (RBI) on Thursday said that credit institutions (CIs) or credit information companies (CICs) should update their reports on a weekly basis for the efficient functioning of the credit information reporting system in the country.
What did RBI say?
“Given the increasing reliance of CIs on credit information reports (CIRs) in credit underwriting processes, it is imperative that the CIRs provided by CICs reflect more recent information. Upon review, it was proposed to amend the extant instructions and transition to weekly incremental submission of credit information by CIs to CICs along with measures to facilitate faster data submission and error rectification,” the RBI said.
Therefore, it proposed that CICs and CIs should keep the credit information collected or maintained by them updated regularly on a weekly basis (7th, 14th, 21st, 28th and last day of the respective month). Currently, it happens on a fortnightly basis.
Weekly submissions
During the weekly submission, CIs should only include incremental data, such as accounts opened and accounts where there is a change in classification of assets, among others, according to the draft. Credit institutions should submit the full credit information record within three days of the next month.
The RBI also proposed that credit information companies implement uniform data acceptance validation rules to reduce instances of data rejection. The directions will come into effect from April 01, 2026.