RBI defers credit information reporting norms for CICs to July 1, 2026
Mumbai, Dec 4, 2025
RBI pushed the amended credit information reporting directions to July 1, 2026 and eased reporting requirements after feedback, while also clarifying rules for BSBD accounts
The Reserve Bank of India (RBI) on Thursday said that the amended credit information reporting directions for credit information companies (CICs) will be applicable from July 1, 2026, instead of the earlier April 1, 2026.
What changes did RBI make after industry feedback?
After receiving industry feedback, the RBI removed the need to report incremental accounts on the 28th day of every month and extended various timelines to the extent feasible in the final directions.
Why did RBI avoid mandatory full data submission in incremental cycles?
RBI said, “Mandating full data submission in incremental cycles would have created significant redundancy in reporting and stress on the infrastructure. However, CICs and CIs are free to keep the credit information collected or maintained by them, including the full files, updated at such shorter intervals as mutually agreed upon between them. Further, the provision for submission of CKYC number in a new field in the UCRF of consumer segment has been withdrawn.”
What clarification did RBI issue on BSBD accounts?
In a separate circular, RBI said it has added a new paragraph to the Reserve Bank of India (Basic Savings Bank Deposit Account) Directions, 2025, clarifying that for existing BSBD accounts, a bank shall extend newly introduced free facilities to existing customers upon receiving a request from the customer. The lender will also facilitate customers to submit such requests through physical and digital channels.
What did RBI say about declarations for BSBD accounts?
RBI clarified that lenders need to obtain a declaration from a customer that the person does not have a BSBD account before opening a new BSBD account or converting an existing savings account to a BSBD account. However, “banks have the freedom to offer banking products or services to their customers as per their policies,” RBI noted.
How will BSBD accounts of minors be treated?
Based on feedback, RBI clarified that BSBD accounts opened by or operated on behalf of minors shall be subject to instructions on “Opening of Bank Accounts in the Names of Minors”. It added that lenders may be allowed to put restrictions on credits, balances, etc., in deposit accounts of minors as a risk management tool.
[The Business Standard]
