credit information companies

Banks to report credit card data to CICs biweekly: How will it impact you and banks?

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Banks to report credit card data to CICs biweekly: How will it impact you and banks?

On 8th August 2024, the Reserve Bank of India (RBI) made an important announcement about the frequency of credit information reporting by banks/NBFCs to credit information companies (CICs) like CIBIL and others. What is this announcement, from when is it applicable, and how will it help banks/NBFCs and borrowers? Let us understand. Credit information to … Read more

Looking for a bank loan? Come January 1, RBI’s new fortnightly credit reporting rule to help borrowers

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Looking for a bank loan? Come January 1, RBI’s new fortnightly credit reporting rule to help borrowers

The Reserve Bank of India (RBI) recently instructed banks and credit information companies (CICs) to update the credit information they collect at shorter intervals, i.e. once a fortnight rather than once a month. The instructions were issued on Thursday via a notification after the monetary policy statement by RBI Governor Shaktikanta Das. The central bank … Read more