What changed
RBI has issued the Reserve Bank of India (Asset Reconstruction Companies – Credit Information Reporting) Directions, 2025, establishing a standardised framework for reporting and dissemination of credit information, safeguarding confidentiality and security of sensitive credit data, and providing mechanisms for consumers to access credit information and grievance redressal.
What it means for you
These directions will impact asset reconstruction companies, credit information companies, and consumers. Asset reconstruction companies must report credit information, safeguard data, and provide customer service. Credit information companies must ensure data quality and provide mechanisms for consumers to access their credit information.
What you must do
- Asset reconstruction companies must become members of all four CICs registered with RBI.
- Asset reconstruction companies must report credit information to CICs in standardised Uniform Credit Reporting Format (UCRF) on a fortnightly basis within seven calendar days.
- Asset reconstruction companies must safeguard sensitive credit data and provide customer service and grievance redressal mechanisms.
Who it affects
Asset Reconstruction Companies registered under Section 3 of SARFAESI Act, 2002, Credit Information Companies (CICs) registered with RBI
What is the purpose of these directions?
The purpose of these directions is to establish a standardised framework for reporting and dissemination of credit information, safeguard the confidentiality and security of sensitive credit data, and provide mechanisms for consumers to access their credit information and grievance redressal on matters related to credit information reporting.
Which asset reconstruction companies are affected by these directions?
All asset reconstruction companies registered with the Reserve Bank under Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 are affected by these directions.
What are the consequences of non-compliance with these directions?
The consequences of non-compliance with these directions are not specified in the document.