What changed
RBI granted a Certificate of Registration to High Mark Credit Information Services Pvt. Ltd. on November 25, 2010, allowing it to commence credit information business. This adds a new credit information company to the list of entities co-operative banks must report data to.
What it means for you
Co-operative banks now have an additional credit information company to share borrower data with, enhancing credit reporting coverage. This supports better credit assessment and risk management for lenders. Banks must ensure timely and accurate data submission to all registered CICs.
What you must do
- Update your data submission processes to include High Mark Credit Information Services Pvt. Ltd.
- Verify the company's contact details and establish data-sharing protocols.
- Acknowledge receipt of this circular to your respective Regional Office.
- Ensure compliance with all existing credit information reporting requirements.
Who it affects
State Co-operative Banks, Central Co-operative Banks, Credit Information Companies
What is the effective date for High Mark's registration?
The Certificate of Registration was issued on November 25, 2010, and the circular was released on December 7, 2010.
Do we need to change our existing data submission process?
Yes, you must now include High Mark Credit Information Services Pvt. Ltd. as a recipient of credit data, in addition to other registered CICs.