RBI can ask banks to submit credit data to Cibil every week to pave away for updated credit values: Report

Lenders can be expected to submit credit information each week instead of the current two -week basis to credit information companies (CICS) in light of their increasing dependence on credit information reports in credit underwriting processes, Business Line reports. One of the main reasons for this step may be to prevent fraudsters from taking the time delay between a bad loan and reporting it to a cic. During the meantime, unscrupulous borrowers can approach other credit institutions (GIs) for loans, as their asset classification status has not been updated with the CIC. Daily reporting? It is even believed that the banking regulator may even ask the banks to go to the daily reporting on credit information. “It is suggested to switch to weekly credit information through credit institutions (GIs) to CICS,” according to the Directions of the Draft Reserve Bank of India (Reporting of Credit Information) (1st Amendment), 2025. The draft amendments also mandate to make faster data and folding errors by CIs. To facilitate the combination of credit information by CICS is proposed to capture Central Know Your Customer (KYC) number in a separate field in the consumer segment reporting format. Bhavesh Jain, managing director and CEO, Transunion Cibil, said: “The draft proposal of the RBI to move from bi -weekly to weekly credit reporting is a progressive step that will reinforce the credit information of India’s credit information. is he said that the directions also create an opportunity for the industry to invest in advanced technology and stronger processes, making the ecosystem more agile and future. For all updates for personal finance