What changed
RBI issued a Certificate of Registration to High Mark Credit Information Services Pvt. Ltd. on November 25, 2010, under the Credit Information Companies (Regulation) Act, 2005. This adds a new credit information company to the list previously communicated in April 2010.
What it means for you
Urban co-operative banks now have an additional credit information company to share and access credit data with. This expands the credit reporting ecosystem, potentially improving credit assessment and risk management for lenders. Banks should update their records and ensure compliance with data submission requirements to this new entity.
What you must do
- Acknowledge receipt of this circular to your respective Regional Office.
- Update your internal records with High Mark's contact details for credit information reporting.
- Ensure your systems are ready to share credit data with High Mark as per RBI guidelines.
Who it affects
All Primary (Urban) Co-operative Banks, Credit information companies operating in India
What is the significance of this Certificate of Registration for High Mark?
It legally authorizes High Mark to commence business as a credit information company, meaning banks can now submit and access credit data through them.
Do we need to take any action immediately?
Yes, acknowledge receipt to your Regional Office and update your records with High Mark's address and contact details for future data sharing.