Question
What is the revised timeline for Credit Information
Companies (CICs) to ingest credit information data from Credit Institutions (CIs), effective January 1, 2025? 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
Under the new guidelines, CICs must ingest the credit information data received from CIs within 5 calendar days of receipt, a reduction from the previous 7 days.
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