RBI proposes weekly submission of credit information reports

Reserve Bank of India Mandates Weekly Credit Reporting for Efficient Functioning

The Reserve Bank of India (RBI) has emphasized the importance of regular updates in credit information reporting, urging credit institutions (CIs) and credit information companies (CICs) to submit their reports on a weekly basis.

Key Highlights:

• Increasing Reliance on Credit Information Reports: CIs are heavily reliant on CIRs in the credit underwriting process.
• Need for Up-to-Date Information: RBI proposes that CIRs must reflect recent information to ensure accurate decision-making.
• Weekly Incremental Submission: CIs should submit incremental data on a weekly basis, including new accounts and changes in asset classification.
• Faster Data Submission: RBI aims to facilitate faster data submission and error rectification to improve the efficiency of the credit information reporting system.

According to the RBI's proposal, CICs and CIs must update their credit information on a weekly basis, specifically on the 7th, 14th, 21st, 28th, and last day of the month. This is a change from the current fortnightly submission schedule.

Weekly Submission Schedule:

CIs should submit the following data on a weekly basis:

• Incremental data, including new accounts and changes in asset classification
• Accounts opened
• Accounts with changes in asset classification

Credit institutions should submit the full credit information record within three days of the next month.