08 August 2024

The circular dated January 15, 2015, mandates that credit institutions (CIs) and credit information companies (CICs) regularly update credit information on a monthly basis or at shorter intervals if agreed upon. To improve credit underwriting processes, credit information must now be updated every two weeks (on the 15th and the last day of each month) starting January 1, 2025. CIs must submit updated information within seven days of each reporting period, and CICs must process this information within five days of receipt. CICs are required to report any non-compliant CIs to the Reserve Bank of India every six months. Non-compliance may result in penalties as per the Credit Information Companies (Regulation) Act, 2005.