DRAFT FOR COMMENTS

RBI/2025-26/--
DOR.FIN.REC.No./00-00-000/2025-26

XX, 2025

Reserve Bank of India (Commercial Banks - Credit Information Reporting) Directions, 2025

In exercise of the powers conferred by Section 11 of the Credit Information Companies (Regulations) Act, 2005 (hereinafter referred to as CICRA), the Reserve Bank of India (‘RBI’) being satisfied that it is necessary and expedient in the public interest to do so, hereby issues the Master Direction - Reserve Bank of India (Commercial Banks – Credit Information Reporting) Directions, 2025, hereinafter specified.

These directions aim to establish a standardised framework for reporting and dissemination of credit information; safeguard the confidentiality and security of sensitive credit data; provide mechanisms for consumers to access their credit information and grievance redressal on matters related to credit information reporting.

Chapter I - Preliminary

A. Short title and commencement

1. These Directions shall be called the Reserve Bank of India (Commercial Banks – Credit Information Reporting) Directions, 2025.

2. These Directions shall come into force with immediate effect, unless otherwise specified.

B. Applicability

3. These Directions shall be applicable to commercial banks [hereinafter collectively referred to as ‘Credit Institutions (CIs)’ and individually referred to as ‘Credit Institution (CI)’] excluding Small Finance Banks (SFBs), Local Area Banks (LABs), Payments Banks (PBs) and Regional Rural Banks (RRBs).

In this context, the commercial bank shall mean all banking companies, corresponding new banks and State Bank of India as defined under subsections (c), (da) and (nc) of section 5 of the Banking Regulation Act,1949.

C. Definitions

4. In these Directions, unless the context otherwise requires, the terms herein shall bear the meaning assigned to them below:

(1) ‘Company’ means a company defined under section 3 of the Companies Act, 1956 or corresponding section under the Companies Act, 2013.

(2) ‘Credit Information Companies (CICs)’ means companies that have been granted a certificate of registration under section 5 of the CICRA. The CICs registered with RBI under Section 5 of the CICRA are:

5. Words or expressions used in these Directions and not defined herein, but defined in CICRA, 2005, the Credit Information Companies Rules, 2006 (hereinafter referred to as ‘CIC Rules’) and the Credit Information Companies Regulations, 2006, (hereinafter referred to as ‘CIC Regulations’), shall have the same meanings as assigned to them in these Statute/ Rules/ Regulations. Any other words or expressions used and not defined in these directions or aforesaid Statute/ Rules/ Regulations and defined in Reserve Bank of India Act, 1934 or Banking Regulation Act, 1949 or the Companies Act, 2013 shall have the same meanings as assigned to them in these Acts.

Chapter II – Membership of CICs

6. A CI shall become member of all the CICs registered with the RBI.

7. One-time membership fee charged by the CICs from a CI to become their members shall not exceed ₹10,000 each.

8. The annual fees charged by the CICs from a CIC shall not exceed ₹5,000 each.

Chapter III – Credit Information Reporting and Dissemination

A. Data formats

9. The reporting of credit information by a CI to the CICs, shall be undertaken in standardised data formats as prescribed in Annex I. These standardised data formats would be a non-proprietary reporting format and shall be known as ‘Uniform Credit Reporting Format’ (UCRF) as denoted below:

(1) Form 1: Uniform Credit Reporting Format (Consumer) – for consumer segment.

(2) Form 2: Uniform Credit Reporting Format (Commercial) – for commercial segment.

(3) Form 3: Uniform Credit Reporting Format (MFI) – for microfinance segment.

B. Reporting timelines and updation

10. A CI shall adhere to following guidelines on reporting timelines and updation:

(1) A CI shall submit data on credit information of its borrowers (including historical data) to all CICs.

(2) A CI shall keep the credit information collected / maintained by it, updated regularly on a fortnightly basis (i.e., as on 15th and last day of the respective month) or at shorter intervals as mutually agreed upon between the CI and CIC. The fortnightly submission of credit information by a CI to CICs shall be ensured within seven calendar days of the relevant reporting fortnight. CICs shall provide a list of CIs which are not adhering to the fortnightly data submission timelines to Department of Supervision, Reserve Bank of India, Central Office at half yearly intervals (as on March 31 and September 30 each year) for information and monitoring purposes.

(3) A CI shall ensure that the records submitted to CICs are updated regularly and that no instances of repayment, including that of the last instalment, are left unreported.

C. Reporting guidelines

11. The CICRA provides statutory backing for sharing of credit information by a CI with CICs, subject to conditions stipulated therein. Therefore, with CICRA coming into force, the requirement of a ‘consent clause’ has become redundant and a CI need not insist upon obtaining such consent from borrowers.

12. A CI shall adhere to, inter alia, the following guidelines when reporting credit information in the UCRF:

(1) In the commercial reporting segment, corporate identification number (CIN) and credit history of the directors of the company (based on DIN number) shall be reported.

(2) A CI shall report cases where compromise settlements have taken place and the reason for such compromise settlement, in the prescribed data formats to CICs.

(3) With respect to part instalment overdue, a CI shall submit data as it is, while qualitative information on what filters to apply based on amount and period would be done by the SU and others who make use of the data.

(4) A CI shall use 'settled' status for denoting only specific situations where due to financial inability to repay as per original terms and conditions, either a principal or an interest waiver or both is provided to the customer.

Explanation: CIs need to be aware of such a situation prior to extending fresh credit to such customers. Cases of wrong debits or contested charges shall not be reported as 'settled' but as 'disputed'.

(5) The information on Commercial Papers (CPs) issued by the companies shall be reported on a fortnightly basis to the CICs by a CI which has been designated as the Issuing and Payment Agent (IPA) for the particular CP issue. If there are multiple IPAs for a single CP issue, each IPA to such issue shall report to the CICs the details pertaining to the portion of the issue which is with them. This information shall be reported in the commercial data format in the fields as mentioned in Annex II. The IPA shall also report any default in the redemption of the relevant CP issue to the CICs. In view of reporting requirement of IPA, it is clarified that an investing CI need not report the information on CPs to the CICs.

(6) The information regarding Unhedged Foreign Currency Exposure (UFCE) of individual borrowers shall be reported on a fortnightly basis to the CICs by the lending CI (in the case of solo lenders) / consortium leader (in the case of consortium arrangements) / largest lender (in the case of multiple lending arrangements).

(7) The cases admitted with National Company Law Tribunal (NCLT) / National Company Law Appellate Tribunal (NCLAT) under the Insolvency and Bankruptcy Code, 2016 shall be reported under the suit-filed cases in the Uniform Credit Reporting Format, while reporting to the CICs.

(8) The reporting of RS data by a CI to CICs is mandatory for all accounts opened on or after July 01, 2018.

Explanations:

(a) The reporting of shareholders’ information under the ‘relationship’ field of the Relationship Segment in the Commercial data format should be done only for those shareholders who are ‘Beneficial Owners’ as defined under the Reserve Bank of India (Commercial Banks – Know Your Customer) Directions, 2025, as amended from time to time.

(b) The Relationship Segment (RS) details are important in establishing cross-linkages across the three modules, viz., Consumer, Commercial and MFI, while providing comprehensive credit information of a borrower to CIs by CICs.

(c) A timeline for reporting of the remainder legacy data would be reviewed by the Technical Working Group (TWG) and the CIs would be advised in due course. CICs shall furnish the list of CIs not adhering to the instructions on reporting of RS data to the Department of Supervision (DoS), Central office, on a monthly basis.

(9) The formats have fields to incorporate the data where consumer data will be reported in the consumer data format and co-borrower will be reported in commercial data format.

13. Data of Self Help Group (SHG) members

(1) CIs financing SHGs shall report the SHG member level data to CICs in the Uniform Credit Reporting Format (MFI) as mentioned in Annex I.

(2) The structure of the credit information in respect of SHG members to be collected and reported by a CI to CICs is set out below:

(3) The data tables are given in Annex III. As indicated above, a CI shall collect information from all SHG members in Tables 1 and 2 and report it to the CICs as set out in Table 3. The SHG member level data as mentioned in Table 3 shall be subsumed in Form 3: Uniform Credit Reporting format (MFI) of Annex I for reporting to CICs. The tables have been designed based on the following considerations:

Some of the information (Item number 17 of Tables 1 and 2) is related to the existing exposures of the SHG members including that of the SHG groups with whom they might have been previously associated. This is intended to help CIs make informed credit decisions with regard to the SHG members. This information may be collected by CIs directly from the CICs based on lead information provided by the SHG members. Hence, there would be no need for CIs to include this information in the dataset reported to the CICs as per Table 3.

(i) The collection and reporting of credit information in respect of SHG members will be restricted to the members of those SHGs that take loans exceeding ₹1,00,000/-. However, the members of all SHGs, regardless of the amount of group loan, shall report the non-credit information to CIs through the SHG Group at the time when the SHG approaches the CI for a loan.

(ii) The non-credit information requirements have been designed both from the perspective of identification of the individual borrowers and supplementing the information requirements of banks, regulatory and government development agencies for the purpose of evaluating the flow of credit to various sub-segments of the SHG members and designing suitable credit penetration strategies keeping in view the socio-economic profile of the sub-segments. The information shall be reported by CIs to the CICs in a manner that allows the CICs to identify all members associated with a particular SHG and a particular person to be identified with all SHGs with whom he/she is/was associated.

(4) A CI shall put in place necessary systems and procedures including making necessary changes to their system software for collections of the relevant information from the SHG members and reporting the required information to the CICs.

(i) A CI shall have the option to collect and report the SHG member level data either themselves or by outsourcing it to other entities. However, it shall follow all general instructions on outsourcing set out in the Reserve Bank of India (Commercial Banks – Managing Risks in Outsourcing) Directions, 2025, as amended from time to time, to the extent applicable and shall continue to be responsible for the correctness of the data submitted by the outsourced agencies to the CICs. A CI must put in place appropriate controls to ensure the correctness of the data submitted by the entities to which it is outsourced.

(ii) A CI shall monitor the NPA levels in the SHG segment on an ongoing basis and collect detailed information from SHG members availing loans exceeding a lower threshold of ₹20,000, if the Gross NPA in the SHG segment exceeds 10% or is higher than the gross NPA of the CI by 5 percentage points.

(iii) Non-adherence to the instructions by a CI shall result in exclusion of non-compliant SHG loan accounts from the loan portfolios eligible to be reckoned for the purpose of complying with the priority sector lending (PSL) targets.

(5) Other operational instructions

(i) Given significant challenges in monitoring and reporting the performance of individual loans availed by the SHG members out of the amounts lent by CIs to the SHGs, it is not envisaged to extend the credit reporting system to the monitoring of repayment and recovery of these loans. However, this would be considered in due course.

(ii) With a view to building up the adequate information base of the potential SHG member borrowers and expediting the process of collection and reporting of KYC compliant information relating to the members of the SHGs when the SHGs are credit- linked, banks are encouraged to offer Small Accounts / Basic Savings Bank Deposit Account to the SHG members when an SHG approaches them for opening a Savings Account. In cases where the SHG members agree to open such accounts, the information in Table 4 may be collected and kept on record to be used at the time when the SHG approaches the bank for a loan. However, it must not be made a pre-condition for opening the Savings Account of the SHG.

(iii) None of the data requirements specified in paragraph 12 should be made a pre-condition for extending loans to the SHGs, though CIs must make sincere efforts to comply with these requirements.

(iv) A CI may encourage the SHGs to keep written records of loans distributed to their members out of the loan availed including the digitisation scheme for SHGs of NABARD, where applicable, and may consider introducing appropriate incentives in this regard.

(v) A CI shall develop appropriate policies to deal with applications for credit facilities from members of SHGs / SHGs on whom default is reported by the CICs. Care needs to be taken that the SHGs / individual members are not denied loans merely because of such defaults and CIs should appropriately evaluate the credit history of the members themselves and take into account the economic viability of their activities and the Groups’ capacity to service the loan proposed to be taken by considering their loan applications.

(vi) The credit information relating to individual SHG members shall be collected, reported, and disseminated as per the provisions of the CICRA and the extant RBI directions on credit information reporting.

14. Reporting mechanism after cancellation of licence

(1) In case of cancellation of licence of a CI by RBI, either through voluntary submission or supervisory action, CICs shall insert a suitable disclaimer in the records of the CI’s borrowers to reflect non-updatability of the record due to closure of the CI in their CIR.

(2) In order to address the challenges in updating credit information of borrowers of CI whose licence has been cancelled, CICs and CIs shall implement a credit information reporting mechanism subsequent to cancellation of licence as under

1. A CI, whose licence has been cancelled by RBI shall be categorised ‘Credit Institution’ under Section 2(f)(vii) of CICRA.

2. Such a CI shall continue to report credit information of the borrowers on-boarded and reported to CICs prior to cancellation of their licence to all the four CICs till the loan lifecycle is completed or the credit institution is wound up, whichever is earlier.

3. Such a CI shall have access to Credit Information Reports pertaining to only those borrowers which were onboarded and reported to CICs before the cancellation of their license.

4. CICs shall not charge the annual and membership fees from such a CI.

5. These instructions shall also be applicable to those entities whose licence has been cancelled by the Reserve Bank of India prior to issuance of these instructions.

6. All other instructions regarding credit information reporting by CIs to CICs shall remain unchanged

D. Rectification of rejected data and review of Data Quality Index (DQI)

15. A CI shall rectify the rejected data shared by CICs and re-submit the same within seven days of receipt of such rejection report.

16. CICs shall prepare and provide Data Quality Index (DQI) for Consumer, Commercial and Microfinance segments, as provided in Reserve Bank of India (Credit Information Companies) Directions, 2025, for assessing the quality of data submissions by CIs to CICs and improving the same over a period of time.

17. A CI shall undertake half yearly review of the DQI for all segments to improve the quality of the data being submitted to CICs. A report consisting of issues identified and corrective steps taken shall be placed before its top management by each CI for review within two months from the end of that half-year.

E. Correction of Credit Information Report

18. A CI shall abide by the time periods stipulated under CICRA and the Rules and Regulations framed thereunder in respect of updation, alteration of credit information, resolving disputes, etc. Procedure prescribed under Rules 20 and 21 of the CIC Rules, 2006 in this regard shall be adhered to. Deviations from stipulated time limits shall be monitored and commented upon in the periodical reports/reviews put up to the Board / Committee of Board on customer service.

19. A CI shall have arrangements in place to receive customer requests for rectification of data in CIRs. In order to maintain high data quality, all erroneous data shall be corrected at the source by the CI that originally submitted the data.

F. Use of credit information reports in credit appraisal

20. A CI shall include in their loan policies / credit appraisal processes, suitable provisions for obtaining CIRs from one or more CICs so that the credit decisions are based on credit information available in the system.

G. Display of information

21. A CI which is a secured creditor as per the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, shall display, on its website, information in respect of the borrowers whose secured assets have been taken into possession by the CIs under the SARFAESI Act, 2002 as per the format given in Annex IV.

22. The list consisting of this information shall be updated on monthly basis.

(1) The following clarifications in this regard need to be noted by the CIs:

(i) Secured assets possessed by a CI under the SARFAESI Act, 2002 on or after September 25, 2023 should be disclosed on its website.

(ii) The assets possessed and already sold under SARFAESI Act, 2002 need not be displayed on the website.

(iii) The secured assets possessed by a CI shall be removed from the website in the event of the following circumstances:

1. when the secured asset is sold; or

2. when the secured creditor receives the outstanding amount (which includes the principal, interest and any other dues payable by the borrower to the secured creditor) or after payment of the agreed settlement amount from the borrower.

(iv) The SARFAESI Act, 2002 does not classify possession as symbolic or physical. Accordingly, a CI shall display information on secured assets possessed under Section 13 (4) of the SARFAESI Act, 2002. This includes the display of both symbolically and physically possessed assets on the website.

(v) Both movable and immovable secured assets possessed under Section 13 (4) of the SARFAESI Act, 2002, on which the information is already published in the newspapers in terms of Rule 3 (1) or Rule 6 (2) of the Security (Enforcement) Rules of 2002 in case of movable property, and Rule 8 (2) ibid in case of immovable property, shall be displayed on the website of a CI.

(vi) The ‘outstanding amount’ to be displayed on the website of a CI shall be as per definition provided under Section 13 (9) (b) of the SARFAESI Act, 2002 i.e. it shall include principal, interest and any other dues payable by the borrower to the secured creditor in respect of secured asset as per the books of account of the secured creditor.

(vii) The ‘outstanding balance’, ‘asset classification’ and ‘date of asset classification’ of the secured assets possessed under Section 13 (4) of the SARFAESI Act, 2002, shall be as per the information published in the newspapers in terms of Rule 3 (1) or Rule 6 (2) of the Security (Enforcement) Rules of 2002 in case of movable property, and Rule 8 (2) in case of immovable property.

(viii) The ‘State’ column of the Annex IV corresponds to that of the branch, as the borrower's address column inherently captures the State to which the borrower belongs.

(ix) Details in the ‘Guarantor Name (wherever applicable)’ column of the Annex IV should be limited to guarantors who have created a security interest in favour of the CI and whose assets are possessed under the Act.

(x) The monthly updates mentioned above specifically relate to the inclusion of new secured assets possessed by a CI, and the removal of the secured assets that have been sold or resolved by the CI.

(xi) While the lead lender as per the consortium agreement may initiate SARFAESI proceedings, all consortium members are required to individually display on their website the details of assets taken into possession, including outstanding amount and other details as per the pari-passu charge and consortium agreement ensuring transparency.

H. Applicability of other instructions issued by Department of Regulation

23. A CI shall ensure compliance with the applicable instructions on credit information reporting, as prescribed in the following Directions/ Circulars:

(1) Reserve Bank of India (Commercial Banks – Credit Cards and Debit Cards: Issuance and Conduct) Directions, 2025, as amended from time to time.

(2) Reserve Bank of India (Commercial Banks – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025, as amended from time to time.

(3) Reserve Bank of India (Commercial Banks – Credit Facilities) Directions, 2025

(4) Reserve Bank of India (Commercial Banks – Transfer and Distribution of Credit Risk) Directions, 2025

(5) Reserve Bank of India (Commercial Banks – Undertaking of Financial Services) Directions, 2025

Chapter IV – Customer Service and Grievance Redressal

A. Strengthening of customer service

24. In order to strengthen and improve the efficacy of the grievance redress mechanism and customer service provided by the CIs, the following measures shall be put in place by a CI:

(1) Updation of credit information with CICs

1. A CI shall send alerts through SMS / email to customers while submitting information to CICs regarding default / days past due (DPD) in existing credit facilities, wherever the mobile number/email ID details are available.

2. To enable sending of alerts through SMS / email, the Uniform Credit Reporting Format for reporting credit information by a CI to CICs has been modified as detailed in Annex V.

3. A CI shall organize special awareness campaigns to sensitise its customers about benefits of submission of their mobile numbers / email IDs.

(2) Setting up of nodal points / officials

1. A CI shall have a dedicated nodal point / official of contact for CICs for redress of customer grievances. Details of the nodal point / official along with email ID and telephone / mobile number shall be furnished by the CI to CICs.

2. A CI shall inform CICs of any changes in the nodal points / official within five calendar days of such a change.

(3) Reasons for rejection of requests for data correction

1. A CI shall inform the customers the reasons for the rejection of their request for data correction, if any, to enable such customers to better understand the issues in the CIR.

2. A CI shall use the list of reasons for rejection of requests circulated by CICs, while communicating the rejections of the request for data correction made by customers / CICs during the grievance redress process.

(4) Root Cause Analysis of complaints

1. A CI shall undertake Root Cause Analysis (RCA) of the customer grievances at least on a half yearly basis. CIs shall also use, inter alia, information on data rejected by the CICs and DQI provided by CICs as sources of information for carrying out RCA.

2. The RCA shall be reviewed by the top management at least on an annual basis.

B. Framework for compensation to customers

25. A CI shall implement the following compensation mechanism for delayed updation/ rectification of credit information:

(1) Complainants shall be entitled to a compensation of ₹100 per calendar day in case their complaint is not resolved within a period of thirty calendar days from the date of the initial filing of the complaint by the complainant with a CI / CIC.

Explanation:

1. Section 21 (3) of CICRA, 2005 provides that a complainant may request a CIC or CI to update the credit information by making an appropriate correction, addition or otherwise, and on such request the CI or CIC shall take steps to update the credit information within 30 days after being requested to do so.

2. Rule 20 (3) (c) of CIC Rules, 2006 provides that the CI shall forward the corrected particulars of the credit information to the CIC or complainant within a period of 21 days from the date when the CI was informed of the inaccuracy in the credit information.

3. The combined reading of Section 21(3) of CICRA, 2005 and Rule 20 (3) (c) of CIC Rules, 2006 provide the CI and the CIC, collectively, an overall limit of thirty (30) days to resolve/ dispose of the complaint. In effect, this would mean that a CI would get 21 days and CICs would effectively get the remainder of nine days for complete resolution of the complaint.

(2) A CI shall pay compensation to the complainant if it has failed to send updated credit information to the CICs by making an appropriate correction or addition or otherwise within 21 calendar days of being informed by the complainant or a CIC.

(3) The complainant shall be advised by the CI / CIC of the action taken on the complaint in all cases, including the cases where the complaint has been rejected. In cases of rejection, the reasons for rejection shall also be provided by CI and CIC.

(4) Compensation to be provided by the CICs / CIs to the complainant (for delayed resolution beyond 30 calendar days of filing the complaint) shall be apportioned among the Cis / CICs concerned proportionately.

Illustrations:

(i) Complaints registered with CIC by the complainant

CIs have maximum 21 days’ time and CICs have the remaining period, within the overall time period of 30 days from the date of receipt of the complaint for its resolution. Compensation payable by the CICs/ CIs shall be calculated under various scenarios as illustrated below:

Case 1

• Complaint registered with a CIC on January 1, 2022.

• The CIC seeks confirmation from the CI (for e.g. Bank A) on January 12, 2022.

• Bank A provides confirmation to the CIC on February 2, 2022 (21st day would be February 2, 2022) – no delay by Bank A.

• The CIC resolves and provides rectified CIR to the complainant on February 3, 2022.

• Compensation of ₹300/- shall be provided by the CIC to the complainant for delay of three (3) days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022).

Case 2

• Complaint registered with a CIC on January 1, 2022.

• The CIC seeks confirmation from Bank A on January 5, 2022.

• Bank A provides confirmation to the CIC on January 26, 2022 (i.e. within 21 days) – no delay by Bank A.

• The CIC resolves and provides rectified CIR to the complainant on February 3, 2022.

• Compensation of ₹300/- shall be provided by the CIC to the complainant for delay of three (3) days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022).

Case 3

• Complaint registered with a CIC on January 1, 2022

• The CIC seeks confirmation from Bank A on January 5, 2022.

• Bank A provides confirmation to the CIC on January 28, 2022 (21st day would be January 26, 2022) – 2 days delay by Bank A

• If CIC resolves and provides rectified CIR to the complainant on February 2, 2022 - Compensation of ₹200/- shall be provided by the Bank A to the complainant for a delay of two (2) days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022).

• If CIC resolves and provides rectified CIR to the complainant on February 3, 2022 – Total compensation of ₹300/- (₹200/- by Bank A and ₹100/- by CIC) shall be provided to the complainant for delay of three (3) days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022).

Case 4

• Complaint registered with a CIC on January 1, 2022

• The CIC seeks confirmation from Bank A, Bank B, Bank C, Bank D, Bank E on January 5, 2022 – i.e. the CIC has taken 4 days to seek confirmation.

• For Bank A, B, C, D and E – (21st day would be January 26, 2022)

• If Bank A provides confirmation to CIC on January 26, 2022 – No delay

• Therefore, total delay in resolution of complaint is as follows:

• If the CIC resolves and provides rectified CIR to the complainant on February 6, 2022 – Total compensation of ₹600 shall be provided to the complainant, on a weighted average basis, as under, for a delay of 6 days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022):

Explanation: The delay of six days shall be apportioned by the CIs/CICs on weighted average of the extent of delay by each CIs/CICs. In the above case, the overall delay is 6 days and therefore the complainant shall be entitled for total compensation of ₹600. This needs to be apportioned between all the defaulting banks (in this case Bank B, C, D and E). Cumulatively, the delay of all the defaulting banks put together is 32 days (5+7+9+11 days). Therefore, the compensation amount of ₹600 shall be apportioned on weighted average of the delay by each CIs in relation to the overall delay of 32 days in this case.

• Bank A = No compensation

• Bank B = (5*600)/32 = ₹93.75

• Bank C= (7*600)/32 = ₹131.25

• Bank D = (9*600)/32 = ₹168.75

• Bank E = (11*600)/32 = ₹206.25

• CIC = No compensation

• If the CIC resolves and provides rectified CIR to the complainant on February 11, 2022, total days taken by CIC would be 9 days (i.e. 4+ 5 days). Total compensation of ₹1100 shall be provided to the complainant, on a weighted average basis, as under, for delay of 11 days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022):

• Bank A = No compensation

• Bank B = (5*1100)/32 = ₹171.88

• Bank C = (7*1100)/32 = ₹240.62

• Bank D = (9*1100)/32 = ₹309.38

• Bank E = (11*1100)/32 = ₹378.12

• CIC = No compensation (as CIC has taken overall 9 days)

• If the CIC resolves and provides rectified CIR to the complainant on February 15, 2022. CIC has taken 13 days (i.e. 4 days + 9 days) to provide a final rectified CIR. Total compensation of ₹1500 shall be provided to the complainant, on a weighted average basis as under, for the delay of 15 days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022):

Case 5

• Complaint registered with a CIC on January 1, 2022

• The CIC seeks confirmation from Bank A on January 5, 2022

• Bank A provides confirmation to the CIC on January 28, 2022 (21st day would be January 26, 2022) – 2 days delay

• If, CIC resolves and provides rectified CIR to Bank A on January 31, 2022 (i.e. resolution done within 30 days of receiving the complaint) - No case for Compensation.

However, the CI would be liable for penal action as deemed fit by the Reserve Bank of India as per provisions of CICRA, 2005 and Rules and Regulations farmed thereunder.

(ii) Complaints registered with CIs by the complainant

Case 6

• Complaint registered with a CI (for e.g. Bank A) on January 1, 2022

• Bank A provides rectified details to CIC on January 22, 2022 (21st day would be January 22, 2022) – no delay by Bank A.

• If the CIC resolves and provides rectified CIR to Bank A on January 31, 2022 and Bank A provides the rectified CIR to the complainant on January 31, 2022 – No case for compensation.

• If the CIC resolves and provides rectified CIR to Bank A on January 31, 2022 and Bank A provides the rectified CIR to the complainant on February 1, 2022 – A compensation of ₹100 shall be provided by the Bank A to the complainant for delay of 1 days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022).

• If the CIC resolves and provides rectified CIR to Bank A on February 1, 2022 and Bank A provides the rectified CIR to the complainant on February 1, 2022 - A compensation of ₹100 shall be provided by the CIC to the complainant for delay of 1 day beyond the permissible period of 30 days (i.e. in this case by January 31, 2022).

• If the CIC resolves and provides rectified CIR to Bank A on February 1, 2022 and Bank A provides the rectified CIR to the complainant on February 2, 2022 - Total compensation of ₹200 shall be provided [₹100 by the CIC and ₹100 by Bank A] to the complainant for delay of 2 day beyond the permissible period of 30 days (i.e. in this case by January 31, 2022).

Note: Where the grievance/ complaint involves inaccurate credit information of more than one (1) CI, the complaint shall be registered by the customer with the concerned CIC. The CIC shall coordinate with all CIs concerned, and furnish to the customer a comprehensive resolution of grievance.

Case 7

• Complaint registered with a CI (for e.g. Bank A) on January 1, 2022

• Bank A resolves and provides rectified details to the CIC on January 25, 2022 (21st day would be January 22, 2022) – 3 days delay by Bank A.

• If the CIC resolves and provides rectified CIR to Bank A on January 31, 2022 and Bank A provides rectified CIR to complainant on January 31, 2022 - No case for Compensation.

• If the CIC resolves and provides rectified CIR to Bank A on February 3, 2022 (i.e. the CIC takes 9 days after being informed by Bank A) and Bank A provides rectified CIR to the complainant on February 3, 2022 – A compensation of ₹300 shall be provided by Bank A to the complainant for delay of 3 days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022).

• If the CIC resolves and provides rectified CIR to Bank A on February 3, 2022 and Bank A provides rectified CIR to the complainant on February 4, 2022 – A compensation of ₹400 shall be provided by Bank A to the complainant for delay of 4 days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022).

• If the CIC resolves and provides rectified CIR to Bank A on February 4, 2022 and Bank A provides rectified CIR to the complainant on February 4, 2022 – Total compensation of ₹400 [₹100 by the CIC and ₹300 by Bank A] shall be provided to the complainant for delay of 4 days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022).

• If the CIC resolves and provides rectified CIR to Bank A on February 4, 2022 and Bank A provides rectified CIR to the complainant on February 5, 2022 – Total compensation of ₹500 [₹100 by CIC and ₹400 by Bank A] shall be provided to the complainant for delay of 5 days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022).

(5) Where the grievance / complaint involves inaccurate credit information provided by more than one CI, the complaint shall be registered by the complainant with the concerned CIC. The CIC shall coordinate with all the CIs concerned and furnish the complainant with a comprehensive resolution of the grievance.

(6) Where the complaint has been received and registered by a CI and there has been a delay in the resolution of the complaint, the CI shall inform the concerned CIC(s) and the complainant after the final resolution, regarding total delay (in calendar days) and the amount of compensation to be paid by the CI and/ or CIC(s).

(7) The date of the resolution of the grievance shall be the date when the rectified CIR has been sent by the CIC or CI to the postal address or email ID provided by the complainant.

(8) A CI shall make appropriate provision in their complaint submission format (both online and offline) for enabling the complainant to submit the contact details, email ID, and bank account details/ Unified Payment Interface (UPI) ID for crediting the compensation amount. The onus of providing accurate details will lie with the complainant and the CIs will not be held responsible for any incorrect information provided by the complainant.

(9) The compensation amount shall be credited to the bank account of the complainant within five working days of the resolution of the complaint.

(10) The complainant can approach RBI Ombudsman, under the Reserve Bank - Integrated Ombudsman Scheme, 2021, in case of wrongful denial of compensation by CIs or CICs.

(11) In case of wrongful denial of compensation by a CI which is yet to be covered under the Reserve Bank - Integrated Ombudsman Scheme, 2021, the complainant can approach Consumer Education and Protection Cell (CEPC) functioning from Regional Offices (ROs) of RBI.

(12) The compensation framework shall not be applicable in the following cases:

1. disputes for which remedy has been provided under Section 18 of CICRA, 2005. The Section 18 of CICRA, 2005 provides that for disputes arising amongst, CICs, CIs, borrowers, and clients on matters relating to the business of credit information and for which no remedy has been provided under CICRA, 2005, such disputes shall be settled by conciliation or arbitration as provided in the Arbitration and Conciliation Act, 1996.

2. complaints / references relating to (a) internal administration, (b) human resources, (c) pay and emoluments of staff, and (d) references in the nature of suggestions and commercial decisions of the CI.

3. complaints that have been decided by or are already pending in other fora such as Consumer Disputes Redressal Commission, Courts, Tribunals, etc.

C. Reserve Bank- Integrated Ombudsman Scheme, 2021

26. A CI covered under the Reserve Bank – Integrated Ombudsman Scheme, 2021 (RBIOS, 2021) shall comply with the directions provided under the said Scheme.

D. Appointment of Internal Ombudsman

27. A CI covered under the Internal Ombudsman framework shall adhere to the instructions issued vide Master Direction – Reserve Bank of India (Internal Ombudsman) Directions, 2023 dated December 29, 2023 (as amended from time to time).

Chapter V – Best Practices

28. A CI shall take into account the best practices as detailed below, while formulating or reviewing its policies and procedures under the CICRA:

1. Instances of non-updation of repayment information could be avoided by centralising the issue of no objection certificates (NOCs) and providing information to CICs.

2. Customer grievance redressal should be given top priority especially in respect of complaints relating to updation / alteration of credit information.

3. Grievance redressal in respect of credit information should be integrated with the existing systems for grievance redressal. Aspects relating to customer grievances pertaining to credit information may also be an integral part of customer service policy of a CI.

4. A CI shall give full customer information to the CICs. For instance, identifier information like PAN number, Voters ID Card number, etc. is not provided by CIs for all records.

5. First time borrowers’ loan applications should not be rejected just because they have no credit history.

6. With a view to decreasing court cases involving CIs and CICs, complaints need to be addressed by them on an urgent basis. A CI shall have a structured process of complaint redressal including the setting up of Consumer Protection Committee of the Board.

Chapter VI – Repeal and Other Provisions

A. Repeal and saving

29. With the issue of these Directions, the existing Directions, instructions, and guidelines relating to credit information reporting as applicable to Commercial Banks stand repealed, as communicated vide notification dated XX, 2025. The Directions, instructions and guidelines repealed prior to the issuance of these Directions shall continue to remain repealed.

30. Notwithstanding such repeal, any action taken or purported to have been taken, or initiated under the repealed Directions, instructions, or guidelines shall continue to be governed by the provisions thereof. All approvals or acknowledgments granted under these repealed lists shall be deemed as governed by these Directions.

B. Application of other laws not barred

31. The provisions of these Directions shall be in addition to, and not in derogation of the provisions of any other laws, rules, regulations, or directions, for the time being in force.

C. Interpretations

32. For the purpose of giving effect to the provisions of these Directions or in order to remove any difficulties in the application or interpretation of the provisions of these Directions, the RBI may, if it considers necessary, issue necessary clarifications in respect of any matter covered herein and the interpretation of any provision of these Directions given by the RBI shall be final and binding.