📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    âš¡ Month End Offer - Flat 52% Off On All Courses! Enroll Now âš¡
    00:00:00 AM Left

    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.
    A 3 calendar days Correct Answer Incorrect Answer
    B 7 calendar days Correct Answer Incorrect Answer
    C 10 calendar days Correct Answer Incorrect Answer
    D 5 calendar days Correct Answer Incorrect Answer
    E 14 calendar days Correct Answer Incorrect Answer

    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.

    Practice Next
    More Banking System in India Questions
    ask-question