The latest Master Direction – Reserve Bank of India (Credit Information Reporting) Directions, 2025 consolidates the instructions issued to REs on reporting of the credit information
FinTech BizNews Service
Mumbai, January 6, 2025: In exercise of the powers conferred by Section 11 of the Credit Information Companies (Regulations) Act, 2005 (hereinafter referred to as CICRA), the Reserve Bank of India (hereinafter referred to as ‘the RBI’) being satisfied that it is necessary and expedient in the public interest to do so, hereby today issues the Master Direction – Reserve Bank of India (Credit Information Reporting) Directions, 2025, hereinafter specified.
The provisions of these Directions, shall be applicable to credit institutions (CIs) and credit information companies (CICs) as defined in these Directions.
“Credit Institutions (CIs)” means the following institutions: (i) Banks - A. All Commercial Banks (including Small Finance Banks, Local Area Banks and Rural Banks, and excluding Payment Banks) B. All Primary (Urban) Co-operative Banks, State Co-operative Banks and Central Co-operative Banks (ii) All India Financial Institutions (AIFIs) regulated by the Reserve Bank, viz., A. Export Import Bank of India (EXIM Bank) B. National Bank for Agriculture and Rural Development (NABARD) C. National Housing Bank (NHB) 6 D. Small Industries Development Bank of India (SIDBI) and E. National Bank for Financing Infrastructure and Development (NaBFID) (iii) All Non-Banking Financial Companies 1 (including Housing Finance Companies) (iv) All Asset Reconstruction Companies (ARCs) (d) “Specified User (SU)” shall have the same meaning assigned to it under clause (l) of section 2 of CICRA and those notified under regulation 3 of the Credit Information Companies Regulations, 2006.
CICs shall put in place an appropriate due diligence and control mechanism while giving membership, and also share credit information with entities that are eligible to become SU under the aforesaid clause.
CICs shall obtain an undertaking on a quarterly basis from these entities stating that they are complying with the eligibility criteria and other operational guidelines issued by RBI on the matter.
The reporting of credit information by CIs to the CICs, shall be undertaken in standardised data formats as prescribed. These standardised data formats would be a non-proprietary reporting format and shall be known as “Uniform Credit Reporting Format” (UCRF) as denoted below:
Form 1: Uniform Credit Reporting Format (Consumer) – for consumer segment.
Form 2: Uniform Credit Reporting Format (Commercial) – for commercial segment
Form 3: Uniform Credit Reporting Format (MFI) – for microfinance segment.
The fortnightly submission of credit information by CIs to CICs shall be ensured within seven (7) calendar days of the relevant reporting fortnight. CICs shall provide a list of CIs which are not adhering to the fortnightly data submission timelines to Department of Supervision, Reserve Bank of India, Central Office at half yearly intervals (as on March 31 and September 30 each year) for information and monitoring purposes.
With CICRA coming into force, the "consent clause" has become redundant and hence consent of the borrower prescribed vide Annexure-I and II of the circular DBOD.No.DL.BC.29/20.16.002/2002- 03 dated October 1, 2002 need not be insisted upon by banks.
One can access further details on the subject on the RBI website: https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12764
