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Informist, Thursday, Aug 8, 2024

--RBI Das: Credit information must be reported at least fortnightly 

MUMBAI – The Reserve Bank of India Governor Shaktikanta Das, while detailing the Monetary policy Committee meeting outcome today, said that to provide a better picture of borrowers' indebtedness, credit institutions should report credit information to credit information companies on a fortnightly basis or such shorter intervals. 

"The fortnightly reporting frequency would ensure that credit information reports provided by CICs (credit information companies) reflect more recent information," Das said. "This will be beneficial to both borrowers and lenders."

Borrowers are likely to benefit from faster updation of information, while lenders would be in a better position to assess the risk associated with borrowers, and also helping in reducing the risk of over-leveraging by borrowers.

Currently, credit institutions are required to report the credit information of their borrowers to credit information companies on a monthly basis or at shorter intervals as mutually agreed between the parties, Das said.  End

Reported by Anupreksha Jain

Edited by Aditya Sakorkar

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