What changed
RBI has issued the Reserve Bank of India (Credit Information Companies) Directions, 2025, which will come into effect immediately. The directions apply to all CICs registered with RBI and outline their roles, responsibilities, and best practices.
What it means for you
These directions aim to enhance the functioning of CICs, improve customer service, and ensure accurate and timely credit information dissemination. This will benefit banks and lenders by providing them with reliable and up-to-date credit information, enabling them to make informed lending decisions.
What you must do
- CICs must strengthen their customer service and grievance redressal mechanisms.
- CICs must submit accurate and timely credit information to RBI.
- CICs must adhere to best practices for credit information dissemination.
Who it affects
Credit Information Companies (CICs), Banks and lenders, Credit institutions (CIs), Specified users (SUs)
What is the purpose of the RBI Directions for Credit Information Companies?
The directions aim to enhance the functioning of CICs, improve customer service, and ensure accurate and timely credit information dissemination.
Which CICs are affected by these directions?
All CICs registered with RBI are affected by these directions.
What are the key changes introduced by these directions?
The directions introduce changes to customer service, data submission, and credit information dissemination.