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In 2014, RBI, vide it’s circular DBOD.No.CID.BC.127/20.16.056/2013-14 dated June 27, 2014, issued prescribed Data Format for furnishing of Credit Information to Credit Information Companies (CICs) in order to streamlining the process of data submission by banks/FIs to CICs 

The Uniform Credit Reporting Format (Data Format) has two Annexes:

  • The Annex-I contains two formats for credit reporting
    • Consumer Bureau and Commercial Bureau, whereas
  • Annex-II contains credit reporting format for Micro Finance Institution (MFI) segment.

Now RBI, vide its circular RBI/2020-21/106 DoR.FIN.REC.46/20.16.056/2020-21 dated 12.03.2021, has been decided to modify the aforesaid three formats 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’.

Data Format Credit Information Report

RBI further added that the modifications are being made to enable banks/AIFIs/NBFCs to report the information relating to restructured loans to CICs as envisaged its  circular DOR.No.BP.BC.3/21.04.048/2020-21 dated August 6, 2020, on the Resolution Framework for COVID-19 related stress.

RBI advised Banks/AIFIs/NBFCs to make necessary modification to their systems and commence reporting the above information to CICs within two months from the date of this circular.

CICs are advised to make necessary modifications to their system to reflect the above changes.

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