Credit institutions (CIs) and credit information companies (CICs) are now required to update credit information on a fortnightly basis, rather than monthly, to ensure that Credit Information Reports (CIRs) provide up-to-date information for more informed lending decisions. The information should be reported on the 15th and last day of each month, with CIs ensuring data submission within seven days of the reporting period. CICs must process this data within five days of receipt. CICs are also required to report non-compliance by CIs to the Reserve Bank of India on a half-yearly basis for monitoring purposes. These guidelines will be effective from January 1, 2025. Failure to adhere to these new rules may result in penalties as per the provisions of the Credit Information Companies (Regulation) Act, 2005 (CICRA, 2005).
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