RBI Cracks the Code: Pushes for Real-Time Credit Data & Uniform Standards Across Bureaus

The Reserve Bank of India (RBI) is tightening oversight on Credit Information Companies (CICs) to ensure uniformity, transparency, and accuracy in credit data reporting. A newly formed technical working group is reviewing operations of the four major bureaus—TransUnion CIBIL, Equifax, Experian, and CRIF High Mark—to address inconsistencies and improve consumer trust.

 

Key proposals include a common grievance redressal portal, standardized data quality indices (DQI), and a single-window platform for data submission. RBI is also considering a unique borrower identifier to eliminate duplication and misreporting, a move that could revolutionize credit profiling in India.

 

Deputy Governor M. Rajeshwar Rao, speaking at the TransUnion CIBIL Credit Conference, emphasized the need for real-time or near real-time credit updates, replacing the current fortnightly system. He noted that this shift would enhance underwriting precision, reflect borrower actions instantly, and improve the overall consumer experience.

 

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Source: Economic Times