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RBI Circular on Co-operative Banks: Credit Information Companies Compliance - August 2013

Current · Source: Reserve Bank of India · RBI/2013-14/174 · issued 07 Aug 2013 · ~1 min read
Quick answerRBI issued a circular on August 7, 2013, to all State and Central Co-operative Banks (StCBs and CCBs) regarding compliance with the Credit Information Companies (Regulation) Act, 2005. It mandates that these banks must become members of at least one Credit Information Company (CIC) and provide credit data as required, noting that many have not yet complied and requiring immediate action.
The rule, in the simplest words
How it plays out — a real example

A co-operative bank branch officer in Indore checks her bank's records and sees they never signed up with any Credit Information Company. She immediately fills out the membership form for CIBIL (a Credit Information Company) and starts preparing the loan data file to send, so her bank follows the RBI rule and avoids trouble.

What changed

The RBI reiterated the requirement under Section 15(1) of the Credit Information Companies (Regulation) Act, 2005, that all credit institutions, including co-operative banks, must become members of at least one Credit Information Company (CIC). It highlighted that a large number of StCBs and DCCBs are not yet members and directed immediate steps to comply.

What it means for you

Co-operative banks (StCBs and CCBs) must immediately take steps to become members of at least one Credit Information Company (CIC) and provide credit data in the required format, as non-compliance with the Act has been noted.

What you must do

Who it affects

State Co-operative Banks (StCBs), Central Co-operative Banks (CCBs) / District Central Co-operative Banks (DCCBs)

❓ Common questions

What is the purpose of this circular?

To remind StCBs and CCBs of their obligation under the Credit Information Companies (Regulation) Act, 2005, to become members of at least one Credit Information Company (CIC) and provide credit data, as many have not complied.

When was this circular issued?

August 7, 2013.

Who should take action on this circular?

All State Co-operative Banks (StCBs) and Central Co-operative Banks (CCBs), including District Central Co-operative Banks (DCCBs).

📜 Read the original circular — full text as issued by RBI
RBI/2013-14/174 RPCD.CO.RCB.BC.No.19/07.51.010/2013-14 August 07, 2013 The Chairman All State and Central Co-operative Banks (StCBs and CCBs) Dear Sir, Credit Information Companies (Regulation) Act, 2005 – Compliance Please refer to our circular RPCD.CO.RF.BC.No.44/07.40.06/2009-10 dated December 01, 2009 advising StCBs and CCBs that in terms of Section 15(1) of Credit Information Companies (Regulation) Act, 2005, every credit institution has to become a member of at least one Credit Information Company within a period of three months from commencement of the Act or any extended time allowed by the Reserve Bank on application. 2. As co-operative banks are also credit institutions as defined in sub-section (f) of Section 2 of the Act, they would be required to take membership of at least one Credit Information Company (CIC) and provide credit data in the format as required by the CIC. 3. However, it has come to our notice that a large number of StCBs and DCCBs are not members of any CIC as required under the Act. Therefore immediate steps may be taken by StCBs and DCCBs to become members of at least any one CIC. 4. Please acknowledge receipt to our Regional Office concerned. Yours faithfully, (A.G.Ray) General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2013-14/174 · issued 07 Aug 2013. The plain-English explanation above is BankPulse’s own independent summary.
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Worked example & action-note template

Example: if you are a Compliance officer at a bank this circular applies to (State Co-operative Banks (StCBs), Central Co-operative Banks (CCBs) / District Central Co-operative Banks (DCCBs)), your first concrete step on “RBI Circular on Co-operative Banks: Credit Information Companies Compliance - August 2013” is: “Become a member of at least one Credit Information Company (CIC) as required under the Credit Information Companies (Regulation) Act, 2005.” (RBI issued this 07 Aug 2013).

  1. Circular: RBI/2013-14/174 -- RBI Circular on Co-operative Banks: Credit Information Companies Compliance - August 2013
  2. Issued: 07 Aug 2013
  3. Action required: Become a member of at least one Credit Information Company (CIC) as required under the Credit Information Companies (Regulation) Act, 2005.
  4. Action required: Provide credit data in the format required by the CIC.
  5. Action required: Take immediate steps if not already a member, as many banks are non-compliant.
  6. Action required: Acknowledge receipt of the circular to the respective Regional Office of RBI.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8294&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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