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Corporate Laws Central Ministry of Finance Credit Information Companies (Regulation) Act, 2005

Frequency of reporting of credit information by Credit Institutions to Credit Information Companies

08-Aug-2024 | RBI/2024-25/60 DoR.FIN.REC.No.32/20.16.056/2024-25

RBI has issued a circular in reference to circular no. DBR. No. CID. BC. 60/20.16.056/2014-15 dated January 15, 2015. Vide this circular, the Credit Institutions and Credit Information Companies are directed to keep the credit information collected or maintained by them, updated regularly on a fortnightly basis (i.e., as on 15th and last day of the respective month) or at such shorter intervals as mutually agreed upon between the CI and the CIC. Further, the submission of credit information by CIs to CICs shall be ensured within 7 calendar days of the relevant reporting fortnight. Further in reference to circular DoR.FIN.REC.49/20.16.003/2023-24 dated October 26, 2023 CICs were earlier required to ingest credit information data received from the CIs, as per their data acceptance rules, within seven (7) calendar days of its receipt from the CIs which is now revised to 5 calendar days of its receipt. Please note: 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.

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