RBI modifies Data Format for Furnishing of Credit Information to Credit Information Companies

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 

• No immunity from prosecution u/s 276B merely because TDS was deposited belatedly
• Section 44C applies to exclusive expenditure by head office by non resident assessee – SC
• MV Act Compensation to parents of child died is at different footing than disabled child
• Extension of time limit for furnishing GSTR 3B under Delhi GST Act 2017
• Audit Fee to be received only by digital modes/banking channels -ICAI revises Ethics