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Credit data reporting moves to fortnightly from Jan 2025

Current · Source: Reserve Bank of India · RBI/2024-25/60 · issued 08 Aug 2024 · ~2 min read
Quick answerFrom January 1, 2025, credit institutions must report credit information to Credit Information Companies every fortnight (as on 15th and last day of the month) within 7 calendar days. CICs must ingest data within 5 calendar days of receipt. Non-compliance invites penal action under CICRA, 2005.
The rule, in the simplest words
How it plays out — a real example

A credit & lending officer in Indore, working at a commercial bank, needs to ensure that their bank's credit information is updated and submitted to the Credit Information Company by the 22nd of each month (7 calendar days after the 15th of the month) to avoid any regulatory penalties.

What changed

Earlier, credit institutions had to update credit information with CICs on a monthly basis or at shorter intervals as mutually agreed. Now, the mandatory reporting frequency is fortnightly—as on the 15th and last day of each month—with data submission due within 7 calendar days of the reporting fortnight. Additionally, CICs must now ingest data from credit institutions within 5 calendar days of receipt, reduced from the earlier 7 calendar days.

What it means for you

Lenders will get more current credit information reports, enabling faster and more accurate credit underwriting in a digital-first environment. Banks and other credit institutions need to tighten their internal data collection and submission processes to meet the fortnightly deadline, or face regulatory penalties. The shorter ingestion timeline for CICs also means quicker turnaround of credit reports for end-users.

What you must do

Who it affects

All Commercial Banks (including Small Finance Banks, Local Area Banks, RRBs, excluding Payments Banks), All Primary (Urban) Co-operative Banks, State Co-operative Banks, Central Co-operative Banks, All-India Financial Institutions (Exim Bank, NABARD, NHB, SIDBI, NaBFID), All Non-Banking Financial Companies (including Housing Finance Companies), All Asset Reconstruction Companies, All Credit Information Companies

❓ Common questions

What is the effective date for the fortnightly reporting requirement?

The new fortnightly reporting frequency and the revised CIC ingestion timeline take effect from January 1, 2025. However, credit institutions and CICs are encouraged to implement these changes as soon as possible.

What happens if we fail to submit data within 7 calendar days of the reporting fortnight?

Non-adherence to the fortnightly submission timeline will be reported by CICs to RBI's Department of Supervision at half-yearly intervals (as on March 31 and September 30). Persistent or deliberate non-compliance may attract penal action under the Credit Information Companies (Regulation) Act, 2005.

Does this circular change the data ingestion timeline for CICs?

Yes. Earlier, CICs had to ingest data within 7 calendar days of receipt from credit institutions. This has now been reduced to 5 calendar days of receipt, ensuring faster availability of updated credit information reports.

📜 Read the original circular — full text as issued by RBI
RBI/2024-25/60 DoR.FIN.REC.No.32/20.16.056/2024-25 August 08, 2024 All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks, and excluding Payments Banks) All Primary (Urban) Co-operative Banks/State Co-operative Banks/ Central Co-operative Banks All-India Financial Institutions (Exim Bank, NABARD, NHB, SIDBI and NaBFID) All Non-Banking Financial Companies (including Housing Finance Companies) All Asset Reconstruction Companies All Credit Information Companies Dear Sir/ Madam, Frequency of reporting of credit information by Credit Institutions to Credit Information Companies Please refer to the circular DBR. No. CID. BC. 60/20.16.056/2014-15 dated January 15, 2015 , inter-alia, directing the credit information companies (CICs) and credit institutions (CIs) to keep the credit information collected/maintained by them updated regularly on a monthly basis or at such shorter intervals as mutually agreed upon between the CI and the CIC. Considering the faster turnaround time in credit underwriting through digital processes, it is imperative that the Credit Information Reports (CIRs) provided by CICs reflect a more current information, enabling lenders to make informed credit decisions. 2. Accordingly, in exercise of the powers conferred by sub-section (1) of section 11 of the Credit Information Companies (Regulation) Act, 2005 (CICRA, 2005), it is directed that CICs and CIs shall keep the credit information collected/maintained by them updated regularly on a fortnightly basis (i.e., as on 15th and last day of the respective month) or at such shorter intervals as mutually agreed upon between the CI and the CIC. The fortnightly submission of credit information by CIs to CICs shall be ensured within seven (7) calendar days of the relevant reporting fortnight. Further, as directed vide circular DoR.FIN.REC.49/20.16.003/2023-24 dated October 26, 2023 , CICs are required to ingest credit information data received from the CIs, as per their data acceptance rules, within seven (7) calendar days of its receipt from the CIs. This is now being revised to five (5) calendar days of its receipt. 3. CICs shall provide a list of CIs which are not adhering to the fortnightly data submission timelines to Department of Supervision, Reserve Bank of India, Central Office at half yearly intervals (as on March 31 and September 30 each year) for information and monitoring purposes. 4. These instructions shall be effective from January 1, 2025. However, the CIs and CICs are encouraged to give effect to these instructions as expeditiously as feasible but not later than January 1, 2025. 5. CICs and CIs that contravene or default in adherence to the above directions shall be liable for penal action as per the provisions of CICRA, 2005. Yours faithfully (J. P. Sharma) Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2024-25/60 · issued 08 Aug 2024. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
💻 IT / Systems
  • Update your credit data reporting systems to generate and submit data as on the 15th and last day of each month.
📜 Compliance
  • Ensure data is submitted to CICs within 7 calendar days of each reporting fortnight.
  • Coordinate with your IT and compliance teams to test the new fortnightly cycle well before January 1, 2025.
  • Review and revise any existing agreements with CICs to align with the new submission and ingestion timelines.
  • Prepare for half-yearly reporting of non-adherence to RBI's Department of Supervision if timelines are missed.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are an IT/Systems lead at a bank this circular applies to (All Commercial Banks (including Small Finance Banks, Local Area Banks, RRBs, excluding Payments Banks), All Primary (Urban) Co-operative Banks, State Co-operative Banks, Central Co-operative Banks, All-India Financial Institutions (Exim Bank, NABARD, NHB, SIDBI, NaBFID), All Non-Banking Financial Companies (including Housing Finance Companies), All Asset Reconstruction Companies, All Credit Information Companies), your first concrete step on “Credit data reporting moves to fortnightly from Jan 2025” is: “Update your credit data reporting systems to generate and submit data as on the 15th and last day of each month.” (RBI issued this 08 Aug 2024).

  1. Circular: RBI/2024-25/60 -- Credit data reporting moves to fortnightly from Jan 2025
  2. Issued: 08 Aug 2024
  3. Action required: Update your credit data reporting systems to generate and submit data as on the 15th and last day of each month.
  4. Action required: Ensure data is submitted to CICs within 7 calendar days of each reporting fortnight.
  5. Action required: Coordinate with your IT and compliance teams to test the new fortnightly cycle well before January 1, 2025.
  6. Action required: Review and revise any existing agreements with CICs to align with the new submission and ingestion timelines.
  7. Action required: Prepare for half-yearly reporting of non-adherence to RBI's Department of Supervision if timelines are missed.
  8. Owner: ____________ Target date: ____________
  9. Board/committee approval needed? Y / N
  10. 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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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12718&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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