RBI reduced the frequency of bank reports to credit information companies.
Now, the Reserve Bank of India (RBI) has reduced the frequency of reporting by banks to Credit Information Companies (CICs) from one month to a fortnight.
It will be beneficial for both borrowers and lenders (CIs).
Borrowers will get the benefit of faster updation of information, especially when they have repaid the loans.
Lenders will be able to make better risk assessments of borrowers and also reduce the risk of over-leveraging by borrowers.
It is a progressive step that will bring more transparency and promote a healthy credit culture.
