RBI Mandates Fortnightly Credit Info Reporting from 2025

The Reserve Bank of India (RBI) has announced that credit institutions must report credit information to Credit Information Companies on a fortnightly basis starting January 1, 2025. This change is aimed at faster credit underwriting and informed lending decisions.

The Reserve Bank of India (RBI) has announced a significant change in credit information reporting requirements for Credit Institutions (CIs). Effective January 1, 2025, CIs must report credit information to Credit Information Companies (CICs) on a fortnightly basis, replacing the current monthly reporting practice.

The RBI stated that CICs are required to provide a list of non-compliant CIs to the Department of Supervision at the RBI's Central Office semiannually. This initiative aims to ensure that Credit Information Reports (CIRs) reflect the most up-to-date information, enabling lenders to make more informed credit decisions.

In its notification on Thursday, the RBI specified that the fortnightly reports must be submitted within seven calendar days of the relevant reporting period. CICs are now required to process the received data within five days, down from the previous seven-day rule. Non-compliance will subject CIs and CICs to penal action under the Credit Information Companies (Regulation) Act, 2005.

(With inputs from agencies.)