What changed
RBI has added three new credit information companies (Experian, Equifax, High Mark) alongside CIBIL, requiring RRBs to furnish both current and historical data. Additionally, Director Identification Number (DIN) must now be included in data fields to prevent misidentification of directors. Experian's corporate office address has been updated.
What it means for you
RRBs must now share data with multiple CICs, increasing compliance workload but improving credit bureau coverage. Including DIN reduces risk of wrongly denying credit due to similar director names. Updating Experian's address ensures correct correspondence. Non-compliance could lead to regulatory action.
What you must do
- Provide current and historical credit data to all CICs (CIBIL, Experian, Equifax, High Mark) you are a member of.
- Update your data submission format to include Director Identification Number (DIN) for all director records.
- Update records with Experian's new address: 201, Platina, 2nd Floor, C-59, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400 051.
- Ensure data is updated monthly or as agreed with each CIC, and is accurate and complete.
Who it affects
All Regional Rural Banks (RRBs), Credit information companies (CIBIL, Experian, Equifax, High Mark), RRB borrowers and directors
Why do we need to include DIN in data submissions?
To avoid wrongful denial of credit due to similar director names. DIN ensures correct identification of directors, making credit information accurate and complete.
What historical data must we provide to new CICs?
Historical data to help new CICs validate their software and build a robust database. The circular does not specify a time period, so provide as much as reasonably available.
How often must we update credit data?
At least monthly, or at shorter intervals as mutually agreed with the credit information company.