RBI modifies Data Format for Furnishing of Credit Information to Credit Information Companies
RBI in 2014 prescribed Data Format for Furnishing of Credit Information to Credit Information Companies. (CICs) With a view to streamlining the process of data submission by banks/FIs to CICs, it standardised the formats for data submission by the banks/FIs to the CICs.
Separate data format were prescribed for consumer and commercial borrowers and Micro Finance Institution (MFI). The Uniform Credit Reporting Format had two Annexes. The Annex-I contained two formats for credit reporting, viz., Consumer Bureau and Commercial Bureau, whereas Annex-II contained credit reporting format for Micro Finance Institution (MFI) segment.
Now, these have been modify the aforesaid formats in to three as under:
(i) Consumer Bureau: The label of the field ‘Written off and Settled status’ is modified as ‘Credit Facility Status’ and it will also have a new catalogue value, viz., ‘Restructured due to COVID-19’.
(ii) Commercial Bureau: The existing field ‘Major reasons for restructuring’ will have a new catalogue value, viz., ‘Restructured due to COVID-19’.
(iii) MFI Bureau: The existing field ‘Account status’ will have a new catalogue value, viz., ‘Restructured due to COVID-19’.
It has been stated that the modifications have been made to enable banks/AIFIs/NBFCs to report the information relating to restructured loans to CICs as per circular dated 06.08.2020 on the Resolution Framework for COVID-19 related stress
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