What changed
The amendment replaces paragraph 10(2) of the 2025 Directions, introducing a structured weekly reporting cycle: AIFIs must submit credit information as of the 9th, 16th, 23rd, and last day of each month. For the first three dates, only incremental accounts (new, closed, or changed accounts) need to be reported within 4 calendar days; the full file for month-end is due by the 5th of the next month. Additionally, a new paragraph 12(10) requires AIFIs to report the Central KYC (CKYC) number of borrowers to credit information companies (CICs) whenever available. Paragraph 14 now mandates that rejected data from CICs must be rectified and resubmitted before or along with the next reporting date.
What it means for you
AIFIs must overhaul their data management systems to handle weekly reporting cycles, moving from monthly to more frequent submissions. The incremental reporting requirement reduces data load but demands real-time tracking of account changes. The CKYC mandate will improve borrower identity consistency across the financial system. Non-compliance will be reported to RBI's Department of Supervision via the DAKSH portal semi-annually, increasing regulatory scrutiny.
What you must do
- Update internal systems to generate and submit credit data as of 9th, 16th, 23rd, and month-end dates.
- Implement processes to identify and report only incremental accounts (new, closed, changed) within 4 calendar days for mid-month submissions.
- Ensure full-file submission (all active and recently closed accounts) by the 5th of the next month.
- Integrate CKYC number capture into borrower onboarding and existing records, and report to CICs.
- Set up a mechanism to promptly rectify and resubmit any data rejected by CICs before the next reporting date.
Who it affects
All India Financial Institutions (AIFIs) like NABARD, SIDBI, NHB, EXIM Bank, etc., Credit Information Companies (CICs) like CIBIL, Equifax, Experian, CRIF High Mark, IT and compliance teams at AIFIs handling credit data reporting, Borrowers of AIFIs (indirectly, through improved credit data accuracy)
What is the effective date for these new reporting timelines?
The directions come into force from July 1, 2026, giving AIFIs about 18 months to prepare.
What happens if an AIFI fails to meet the data submission timelines?
CICs will report non-compliant AIFIs to RBI's Department of Supervision via the DAKSH portal at half-yearly intervals (as of March 31 and September 30) for monitoring.
Do we need to submit full data for every weekly reference date?
No. Only the month-end reference date requires a full file. For the 9th, 16th, and 23rd, you only need to submit incremental accounts (new, closed, or changed accounts) within 4 calendar days.