What changed
The RBI has substituted paragraph 10(2) of the existing Directions to introduce a structured reporting schedule: ARCs must submit full credit information files as of month-end by the 5th of the next month, and incremental accounts (new, closed, or changed accounts) within 4 calendar days of the 9th, 16th, and 23rd of each month. A new paragraph 12(10) mandates reporting of the Central KYC (CKYC) number for borrowers wherever available. Paragraph 15 now requires ARCs to rectify rejected data from CICs and resubmit it before or along with the next reference date's data.
What it means for you
ARCs must overhaul their data management systems to meet tighter fortnightly and monthly deadlines, reducing reporting lags. The CKYC mandate will improve borrower identity consistency across the financial system. Stricter rectification timelines for rejected data will enhance credit information accuracy. Non-compliance will be flagged to RBI via the DAKSH portal, increasing supervisory scrutiny.
What you must do
- Update internal systems to generate full credit files by month-end and incremental files on 9th, 16th, and 23rd within 4 calendar days.
- Integrate CKYC number collection into borrower onboarding and existing account records, ensuring reporting to CICs.
- Establish a process to track and rectify rejected data from CICs before the next reference date submission.
- Train staff on the new timelines and data submission protocols to avoid DAKSH portal reporting to RBI.
Who it affects
Asset Reconstruction Companies (ARCs), Credit Information Companies (CICs), RBI's Department of Supervision
When do these new reporting timelines take effect?
The amendment directions come into force from July 1, 2026, giving ARCs time to prepare.
What is an 'incremental account' for the 9th, 16th, and 23rd submissions?
Incremental accounts include accounts opened, closed, or with changes (e.g., repayment, balance, demographic updates, overdue status) since the last reference date.
What happens if an ARC fails to meet the submission deadlines?
CICs will report non-compliant ARCs to RBI's Department of Supervision via the DAKSH portal at half-yearly intervals (March 31 and September 30) for monitoring.