Question
As per the new RBI guidelines for Credit institutions (CIs) effective January 1, 2025, how frequently must Credit Institutions (CIs) update their credit information with Credit Information Companies (CICs)?
Read the following passage and answer the following question (Q18 to Q19). In a recent move to enhance the transparency and speed of credit information flow, the Reserve Bank of India (RBI) has introduced updated guidelines for reporting credit data. These guidelines aim to shorten the reporting intervals and improve data processing timelines for entities involved in the credit information ecosystem. This is expected to facilitate better credit decision-making and improve financial stability. Additionally, regulatory bodies have introduced stricter compliance requirements for reporting and data submission to ensure that credit information remains current. Entities found non-compliant may face punitive actions under the relevant legal frameworks. The new measures also emphasize the timely ingestion of data and encourage the early adoption of the system by stakeholders before the mandatory deadline.Solution
The new guidelines require Credit Institutions (CIs) to update their credit information on a fortnightly basis, rather than the previous monthly requirement, starting from January 1, 2025.
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