RBI Directs CICs and CIs to Implement Credit Reporting Mechanism After License/Registration Cancellation of Banks/NBFCs
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- Last Updated on 15 October, 2024
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Circular No. RBI/2024-25/81 DoR.FIN.REC.47/20.16.042/2024-25, Dated: 10.10.2024
The RBI has directed Credit Information Companies (CICs) and Credit Institutions (CIs) to implement a credit information reporting mechanism for borrowers even after the cancellation of licences or Certificates of Registration (CoR) of banks and NBFCs. This aims to address hardships faced by borrowers whose repayment history may not be updated after such cancellations. CICs can only accept credit information from entities covered under CICRA, 2005.
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