What changed
RBI added two new credit information companies—Experian Credit Information Company of India Pvt. Ltd. and Equifax Credit Information Services Pvt. Ltd.—to the list of approved CICs, alongside the existing CIBIL. Co-operative banks that are members of these CICs must now provide them with current and historical credit data as per the prescribed format.
What it means for you
Co-operative banks now have more CIC partners to report to, which broadens the credit information ecosystem. This enhances data accuracy and completeness, helping lenders make better credit decisions. Banks must ensure monthly updates and data quality to comply with the Credit Information Companies Act and Regulations.
What you must do
- Verify your bank's membership status with Experian and Equifax and complete onboarding if not already done.
- Submit current credit data in the format prescribed by each CIC you are a member of.
- Provide historical data to help CICs validate their systems and build robust databases.
- Ensure credit information is updated monthly or at shorter intervals as agreed with the CIC.
- Maintain accuracy and completeness of all furnished credit data as per Regulation 10(a)(ii).
Who it affects
State Co-operative Banks, Central Co-operative Banks, All co-operative banks that are members of credit information companies
Which credit information companies are now approved by RBI?
Apart from CIBIL (operational since 2001), RBI has registered Experian Credit Information Company of India Pvt. Ltd. (Feb 17, 2010) and Equifax Credit Information Services Pvt. Ltd. (Mar 26, 2010) to operate as credit information companies.
What are the data submission requirements for co-operative banks?
Banks must provide current credit data in the format prescribed by the CIC they are members of, and also share historical data to help CICs validate software and build databases. Data must be updated monthly or at shorter intervals as agreed.
What legal provisions govern this data sharing?
Section 17 of the Credit Information Companies (Regulation) Act, 2005 requires credit institutions to furnish credit information as requested by a CIC. Regulation 10(a)(ii) of the Credit Information Companies Regulations, 2006 mandates monthly updates and ensures data is accurate and complete.