What changed
RBI expanded the earlier requirement of submitting suit-filed account data only to CIBIL to include all RBI-registered CICs (Experian, Equifax, High Mark). Banks must now share quarterly lists of suit-filed accounts of Rs 1 crore and above classified as doubtful or loss, and wilful defaulters of Rs 25 lakh and above, with any CIC they are a member of. These CICs are directed to publish the credit information on their websites.
What it means for you
Banks must now report suit-filed accounts to multiple credit bureaus, not just CIBIL, increasing data coverage and transparency. This will help lenders access a more comprehensive view of defaulters across the system, reducing information asymmetry. Public dissemination on CIC websites puts pressure on defaulters and aids credit discipline. Banks need to ensure timely and accurate submission to all member CICs to avoid compliance gaps.
What you must do
- Identify all suit-filed accounts of Rs 1 crore and above classified as doubtful or loss, and wilful defaulters of Rs 25 lakh and above.
- Submit quarterly lists (as at end-March, June, September, December) to each Credit Information Company (CIC) your bank is a member of.
- Update internal reporting systems to generate these lists automatically and ensure data accuracy before submission.
- Verify your bank's membership status with all RBI-registered CICs (Experian, Equifax, High Mark, CIBIL) and onboard if needed.
- Monitor CIC websites to confirm your data is disseminated correctly and address any discrepancies promptly.
Who it affects
All Scheduled Commercial Banks (excluding RRBs and LABs), All India Notified Financial Institutions, Credit Information Companies (CIBIL, Experian, Equifax, High Mark)
What is the threshold for reporting suit-filed accounts under this circular?
Banks must report suit-filed accounts of Rs 1 crore and above that are classified as doubtful or loss. For wilful defaulters, the threshold is Rs 25 lakh and above.
How often do we need to submit this data to CICs?
The submission is quarterly, with data as at the end of March, June, September, and December each year.
Do we need to report to all CICs or just CIBIL?
You must report to any CIC that has obtained a Certificate of Registration from RBI and of which your bank is a member. This includes CIBIL, Experian, Equifax, and High Mark.