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Introduction The Reserve Bank of India (RBI), in its continued commitment to promote financial discipline, transparency, and consumer empowerment, issued the Master Direction - Credit Information Reporting, 2025 on January 6, 2025. This comprehensive framework replaces and consolidates various past
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FAQ :
It's a new framework issued by the Reserve Bank of India that consolidates previous guidelines on credit information reporting, standardising practices for all Credit Institutions (CIs) and Credit Information Companies (CICs) to promote transparency and consumer empowerment.
All Credit Institutions (CIs), including various types of banks, All India Financial Institutions, Non-Banking Financial Companies, and Asset Reconstruction Companies, as well as Credit Information Companies (CICs) registered with the RBI, must comply.
Key changes include a Uniform Credit Reporting Format (UCRF) for consumer, commercial, and microfinance data, mandatory fortnightly reporting within 7 days, customer alerts for credit report access and defaults, and a defined grievance redressal mechanism with potential compensation for delays.
Customers are entitled to receive SMS/email alerts for credit report access and default reporting, one free full credit report per calendar year, and compensation of ₹100 per day if their credit information complaints are not resolved within 30 days.
Non-compliance with the Master Direction can lead to penalties under the Credit Information Companies (Regulation) Act, 2005, and the RBI reserves the right to issue binding clarifications.
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