The Reserve Bank of India has directed all regulated lenders to present recordsdata on their borrower accounts to credit ranking recordsdata companies corresponding to Transunion Cibil on a weekly basis as against the most stylish word of 14 days.
The trip will help in higher underwriting of credit ranking and monitoring of loans. This directive will almost definitely be effective April 1, 2026.
“Given the increasing reliance of credit institutions on credit information reports (CIRs) in credit underwriting processes, it is imperative that the CIRs provided by credit information companies reflect more recent information,” the central financial institution said.
The RBI also proposed measures to facilitate faster recordsdata submission and blunder rectification.
The regulator said that credit ranking recordsdata would possibly perchance additionally very smartly be as much as this level on a standard basis on 7th, 14th, twenty first, Twenty eighth and last day of the respective month. lenders will comprise to submit the paunchy file containing month-to-month credit ranking recordsdata records by the third day of the next month. Accounts opened for the reason that last reporting cycle and accounts whereby the connection between the borrower and the lender has ended for the reason that last reporting cycle can even ought to light be uploaded.
RBI told credit ranking bureaus to portion the checklist of lenders which fail to adhere to the guidelines submission timelines to it on March 31 and September 30 every yr.
