Credit History
ARCs must become members of all credit information cos, says RBI
This story was originally published at 19:01 IST on 10 October 2024
Register to read our real-time news.Informist, Thursday, Oct. 10, 2024
--RBI: Asset recast cos must become members of all credit information cos
--RBI: Asset recast cos to give data to all credit information cos as advised
MUMBAI – Asset reconstruction companies will have to become members of all credit information companies and submit data in the prescribed format, the Reserve Bank of India said in a notification Thursday. Earlier, asset reconstruction companies were only "advised" to become members of at least one credit information company.
Information, including customer identifier information, will have to be provided by the asset reconstruction companies to the credit information companies. The RBI said in its notification that the revision was made to align the guidelines applicable to asset reconstruction companies with those for banks and non-banking finance companies, making it possible to track borrowers’ credit history even after their loans are transferred to asset reconstruction companies.
The companies will have to update the data fortnightly or at shorter intervals, the RBI said in its notification. It also said they will have to rectify data rejected by credit information companies and upload it within the next seven days.
The guidelines are applicable to all asset reconstruction companies and they will have to put in place systems and processes to ensure compliance latest by Jan. 1, according to the notification. End
Reported by Kshipra Petkar
Edited by Rajeev Pai
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
