Data Format for Credit Institutions(CI) to Furnish Credit Information to Credit Information Companies(CIC)

The Reserve Bank of India vide circular dated October 14, 2021 has clarified the data Format for Credit Institutions(CI) to Furnish Credit Information to Credit Information Companies(CIC). The reporting of Relationship Segment data by CIs to CICs would henceforth be mandatory. In order to ensure implementation in a non disruptive manner, the reporting requirement may be staggered in the manner indicated below.
(i) The reporting would be mandatory in respect of new loan accounts opened after July 1, 2022.
(ii) A phased approach shall be followed for reporting of legacy data as detailed below:

1. The accounts opened during the period (July 1, 2021 to June 30, 2022) have to be updated by January 1, 2023.
2. The accounts opened in past three years (July 1, 2018 to June 30, 2021) have to be updated by July 1, 2023.
3. A timeline for reporting of the remainder legacy data would be reviewed by the Technical Working Group and the CIs would be advised in due course.