What changed
RBI issued a Certificate of Registration to CIBIL on March 5, 2012, authorizing it to carry on the business of credit information. This follows earlier registrations granted to Experian, Equifax, and High Mark in prior years.
What it means for you
RRBs now have an additional authorized credit information company to share borrower data with and access credit reports from. This expands the pool of credit bureaus, potentially improving credit assessment and risk management for rural lending.
What you must do
- Update your records to include CIBIL as a registered credit information company.
- Ensure data sharing agreements with CIBIL comply with RBI guidelines.
- Train staff on using CIBIL reports for credit evaluation.
- Acknowledge receipt of this circular to your regional RBI office.
Who it affects
All Regional Rural Banks, Credit information companies, Borrowers of RRBs
What does this registration mean for RRBs?
RRBs can now legally share credit data with and obtain credit reports from CIBIL, enhancing their ability to assess borrower creditworthiness.
Is CIBIL the only new credit bureau registered?
No, RBI had previously registered Experian, Equifax, and High Mark. CIBIL is the latest addition to the list of authorized credit information companies.