RBI's own words: “In terms of circular no. DNBS (PD-SC/RC). CC. No. 23/26.03.001/2010-11 dated November 25, 2010” — RBI/2024-25/82
Source: Reserve Bank of India · RBI/2010-11/286 · issued 25 Nov 2010 · ~1 min read
Quick answerRBI mandates all Securitisation Companies/Reconstruction Companies to become members of at least one Credit Information Company and furnish accurate, updated borrower data monthly.
The rule, in the simplest words
All Securitisation Companies/Reconstruction Companies (companies that buy or restructure loans) must become members of at least one Credit Information Company (a firm that keeps track of people's loan history).
They have to send borrower data (information about people who took loans) to the Credit Information Company in the same format banks already use, if the banks haven't sent it already.
The data must be kept up‑to‑date, at least every month (once a month) or more often if the Credit Information Company agrees.
They must make sure the information is accurate, complete and does not repeat what banks have already reported.
How it plays out — a real example
Ravi Kumar, a securitisation officer in Mumbai, checks that his firm is a member of a Credit Information Company, then uploads the latest borrower details for a new batch of home loans using the standard template banks use, confirming the data is correct and not already submitted by the banks, and schedules the next upload for the following month.
What changed
RBI clarified that SC/RCs are 'credit institutions' under the Credit Information Companies Act, 2005, and must comply with membership and data submission requirements. They must provide current data in existing formats if not already furnished by banks/FIs from whom assets were acquired.
What it means for you
SC/RCs now have a statutory obligation to share borrower credit information with CICs, ensuring comprehensive credit histories. This enhances data accuracy and completeness in the credit information system, benefiting lenders with better risk assessment.
Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.
What banks were required to do at the time
Become a member of at least one Credit Information Company if not already done.
Furnish current borrower data in the existing format to the CIC, ensuring it is accurate and complete.
Update credit information on a monthly basis or at shorter intervals as agreed with the CIC.
Coordinate with banks/FIs to avoid duplication of data already provided by them.
Who it affects
All registered Securitisation Companies, All registered Reconstruction Companies, Credit Information Companies
Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).
Why are SC/RCs required to join a Credit Information Company?
Under the Credit Information Companies Act, 2005, SC/RCs are defined as 'credit institutions' and must become members of at least one CIC to furnish credit information.
How often must SC/RCs update credit information?
Credit information must be updated regularly, at least on a monthly basis, or at shorter intervals as mutually agreed with the CIC.
What data should SC/RCs provide to CICs?
They should provide current data in the existing format, ensuring accuracy and completeness, especially if the data was not already furnished by the banks/FIs from whom assets were acquired.
📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
RBI’s words: “In terms of circular no. DNBS (PD-SC/RC). CC. No. 23/26.03.001/2010-11 dated November 25, 2010”
📜 Read the original circular — full text as issued by RBI
RBI/2010-11/286
DNBS(PD-SC/RC).CC. No. 23 /26.03.001/2010-11
November 25, 2010
All registered Securitisation Companies/Reconstruction Companies
Dear Sirs,
Submission of information to Credit Information Companies
In terms of Section 2(f) (ii) of the Credit Information Companies (Regulation) Act, 2005, Securitisation companies/reconstruction companies (SC/RCs) are also covered under the definition of “credit institution”. Further, the Credit Information Companies (Regulation) Act provides that every credit institution in existence shall become a member of at least one credit information company. Thus all SC/RCs being 'credit institutions' are required to become a member of at least one credit information company as per the statute.
2. In this regard, in terms of sub-sections (1) and (2) of Section 17 of the Credit Information Companies (Regulation) Act, 2005, a Credit Information Company may require its members to furnish credit information as it may deem necessary in accordance with the provisions of the Act and every such credit institution has to provide the required information to that Credit Information Company. Further, in terms of Regulation 10 (a) (ii) of the Credit Information Companies Regulations, 2006, every credit institution shall:
(a) keep the credit information maintained by it updated, regularly on a monthly basis or at such shorter intervals as may be mutually agreed upon between the SC/RC and the Credit Information Company; and
(b) take all such steps which may be necessary to ensure that the credit information furnished by it, is up-to-date, accurate and complete.
3. It is therefore, advised that SC/RCs on becoming member /members of any Credit Information Company / Companies may provide them the current data in the existing format if not already furnished by the banks/FIs from whom SC/RCs acquire the assets. Care should be taken to ensure that accurate data / history regarding borrowers is given to Credit Information Companies.
Yours faithfully,
(Uma Subramaniam)
Chief General Manager In-Charge
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2010-11/286 · issued 25 Nov 2010. The plain-English explanation above is BankPulse’s own independent summary.
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6112&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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