The Reserve Bank of India (RBI) has recently mandated lenders to report credit information to Credit Information Companies (CICs) like CIBIL on a fortnightly basis starting from January 1, 2025. This is a significant change from the previous monthly reporting frequency.
The RBI has directed CICs to submit a list of non-compliant credit institutions to the Department of Supervision at its Central Office every six months. This measure is intended to keep Credit Information Reports (CIRs) current, helping lenders make better credit decisions.
"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." The RBI notification stated that CICs and credit institutions failing to comply with the directions will be subject to penal action.
Read Notification: