RBI issues data format for furnishing of credit information to credit information companies
It has now been decided that the reporting of Relationship Segment (RS) data by Credit Institutions (CIs) to Credit Information Companies (CICs) would henceforth be mandatory. In order to ensure implementation in a non-disruptive manner, the reporting requirement may be staggered in the manner prescribed.
The reporting would be mandatory in respect of new loan accounts opened after July 1, 2022. A phased approach shall be followed for reporting of legacy data. Detailed dates in circular issued by RBI.
The RS in the Commercial Bureau format inter alia captures information on relationship fields of the corporates, viz., business category and type of relationship (i.e. contains information on directors, shareholders, proprietors, partners, trustees, holding companies, subsidiary companies and associated companies related to the borrower). The RS details are very important in establishing cross-linkages across the three modules, viz., Consumer, Commercial and MFI Bureaus, while providing comprehensive credit information of a borrower to CIs by CICs.