The Reserve Bank of India (RBI) has issued a new directive requiring all regulated lending institutions to update borrower account information with credit information companies on a weekly basis, effective April 1, 2026. The move aims to enhance the accuracy and timeliness of credit reports, which are crucial for loan approvals and risk monitoring.
Key Details of the Weekly Reporting Mandate
- Current Practice: Lenders report borrower data to credit information companies, such as TransUnion CIBIL, every 14 days.
- New Requirement: From April 1, 2026, reporting will be weekly to ensure Credit Information Reports (CIRs) reflect the most recent borrower information.
- Reporting Dates: Lenders must update data on the 7th, 14th, 21st, 28th, and last day of each month.
- Monthly Submission: Full monthly data files must be submitted by the 3rd day of the following month.
Compliance and Accountability
- Lending institutions failing to meet the weekly reporting schedule will be flagged for non-compliance.
- Credit information companies are instructed to provide lists of non-compliant lenders on March 31 and September 30 each year.
- Reports must include new accounts, closed accounts, and corrections for any inaccuracies identified since the last reporting cycle.
Rationale and Impact
RBI highlighted the growing role of CIRs in underwriting and risk assessment as the primary motivation for this change. Weekly reporting is expected to:
- Improve loan monitoring and risk mitigation.
- Enhance accountability and transparency in the credit reporting ecosystem.
- Ensure more accurate and up-to-date borrower information, benefiting lenders and borrowers alike.
Summary
The RBI’s new weekly reporting mandate, effective April 2026, represents a significant step in strengthening India’s credit information framework, enabling lenders to make better-informed decisions and maintain a robust risk management system.
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