RBI Directs ARCs to Join All Credit Information Companies and Regularly Submit the Borrower Credit Data
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- Last Updated on 15 October, 2024
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Circular No. RBI/2024-25/82 DoR.FIN.REC.No.46/26.03.001/2024-25, Dated: 10.10.2024
The RBI has revised guidelines for Asset Reconstruction Companies (ARCs) to align with those for banks and NBFCs. ARCs are now required to become members of all Credit Information Companies (CICs) and submit borrower data in the Uniform Credit Reporting Format. Also, ARCs shall keep the information collected/maintained by them, updated regularly on a fortnightly basis or at such shorter intervals as mutually agreed upon. ARCs must ensure compliance with these guidelines by January 1, 2025.
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