Data Format for Furnishing of Credit Information to Credit Information Companies and other Regulatory Measures

Last updated: 16 March 2021

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The Reserve Bank of India has updated the data format for furnishing credit information to Credit Information Companies (CICs). These changes primarily affect the Consumer Bureau, Commercial Bureau, and MFI Bureau formats. Specifically, a new catalogue value 'Restructured due to COVID-19' has been added to reflect loans restructured because of the pandemic's impact. Banks and financial institutions must update their systems to report this information within two months.

Reserve Bank of India Data Format for Furnishing of Credit Information to Credit Information Companies and other Regulatory Measures RBI/2020-21/106 DoR.FIN.REC.46/20.16.056/2020-21 March 12, 2021 All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural B

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FAQ :

The circular updates the data format for reporting credit information to Credit Information Companies (CICs) and introduces regulatory measures.

The 'Written off and Settled status' field in the Consumer Bureau is now 'Credit Facility Status' with a new value 'Restructured due to COVID-19'. The Commercial Bureau's 'Major reasons for restructuring' and the MFI Bureau's 'Account status' also have a new value 'Restructured due to COVID-19'.

The modifications are to allow banks, AIFIs, and NBFCs to report information about restructured loans to CICs, as outlined in the Resolution Framework for COVID-19 related stress.

All Commercial Banks, Co-operative Banks, All-India Financial Institutions, Non-Banking Financial Companies, and Credit Information Companies are affected by these changes.

Banks/AIFIs/NBFCs must make necessary system modifications and commence reporting the new information within two months from the circular's date (March 12, 2021).

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Notification No : RBI/2020-21/106 DoR.FIN.REC.46/20.16.056/2020-21
Published in Miscellaneous
Source : https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=12038&Mode=0

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