RBI Weekly Credit Data Updates: CICs and Credit Institutions
Why in the news
The RBI wants faster credit reporting by Credit Institutions and Credit Information Companies.
Key facts
- Weekly files carry incremental data only: new accounts and accounts whose asset classification changed (standard, SMA or NPA).
- Complete record: within three days of month-end.
- Earlier cycle: fortnightly; the change targets accuracy and timeliness of credit information for lending and risk assessment.
Significance
- More accurate, current credit reports for lending decisions.
- Timely risk checks and quicker error fixes.