What changed
The RBI amended the 2025 Directions to replace the previous paragraph 10(2) with a new weekly reporting schedule: CIs must submit credit data as on the 9th, 16th, 23rd, and last day of each month. Full files are due by the 5th of the next month, while other submissions require only incremental accounts within 4 calendar days. A new paragraph 12(10) mandates reporting of CKYC numbers to CICs when available. Paragraph 15 now requires CIs to rectify rejected data and resubmit it before or with the next reference date's submission.
What it means for you
Local Area Banks face tighter operational discipline: they must align internal systems to generate and transmit credit data on four fixed dates monthly, not just month-end. The incremental reporting rule reduces data load for mid-month submissions but demands real-time tracking of account changes. CKYC number reporting adds a compliance layer, and the resubmission rule for rejected data closes gaps in data quality. Non-adherence will be flagged to RBI's supervision department via DAKSH portal, increasing regulatory scrutiny.
What you must do
- Update your credit information reporting system to generate data as on the 9th, 16th, 23rd, and last day of each month.
- Ensure full-file submission by the 5th of the next month and incremental submissions within 4 calendar days of the reference dates.
- Integrate CKYC number capture and reporting into borrower onboarding and data submission processes.
- Set up a process to rectify rejected data from CICs and resubmit it before or with the next reference date's data.
- Train operations and compliance teams on the new timelines and incremental account definitions.
Who it affects
Local Area Banks (LABs), Credit Information Companies (CICs), RBI's Department of Supervision
What are the new reference dates for credit information submission?
The reference dates are the 9th, 16th, 23rd, and last day of each month. Full files must be submitted by the 5th of the next month, and incremental accounts for the other dates must be submitted within 4 calendar days.
What is an 'incremental account' under the new directions?
Incremental accounts include accounts opened since the last reference date, accounts where the borrower relationship ended, accounts with changes due to borrower actions (e.g., repayment, balance change, demographic updates), and accounts with changes only in days past due.
When do these amendments take effect?
The directions come into force from July 1, 2026. Banks should use the interim period to update systems and processes.