{"id":3582,"date":"2021-03-24T06:07:43","date_gmt":"2021-03-24T06:07:43","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=3582"},"modified":"2021-03-24T06:11:38","modified_gmt":"2021-03-24T06:11:38","slug":"rbi-notifies-data-format-for-furnishing-of-credit-information","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/rbi-notifies-data-format-for-furnishing-of-credit-information\/","title":{"rendered":"RBI Notifies Data Format for Furnishing of Credit Information"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Recently, the Reserve Bank of India (RBI), by way of Notification No RBI\/2020-21\/ 106\/ DoR.FIN.REC.46\/20.16.056\/2020 \u2013 21, issued on 12.03.2021, has notified a Data Format for Furnishing of Credit Information to CICs (Credit Information Companies). The said notification is in extension to RBI\u2019s Circular DBOD.No.CID.BC.127\/20.16.056\/2013 \u2013 14, dated 27.96.2014, which dealt with setting out the UCRF (Uniform Credit Reporting Format).<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a7ad4ce681\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a7ad4ce681\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/blog\/rbi-notifies-data-format-for-furnishing-of-credit-information\/#Entities_Addressed_by_Reserve_Bank_of_India\" title=\"Entities Addressed by Reserve Bank of India\">Entities Addressed by Reserve Bank of India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/blog\/rbi-notifies-data-format-for-furnishing-of-credit-information\/#Key_Provisions_of_the_RBI_Issued_Notification\" title=\"Key Provisions of the RBI Issued Notification\">Key Provisions of the RBI Issued Notification<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/blog\/rbi-notifies-data-format-for-furnishing-of-credit-information\/#Consumer_Bureau\" title=\"Consumer Bureau \">Consumer Bureau <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/blog\/rbi-notifies-data-format-for-furnishing-of-credit-information\/#Commercial_Bureau\" title=\"Commercial Bureau \">Commercial Bureau <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/blog\/rbi-notifies-data-format-for-furnishing-of-credit-information\/#Micro_Finance_Institutions_Bureau\" title=\"Micro Finance Institutions Bureau \">Micro Finance Institutions Bureau <\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/blog\/rbi-notifies-data-format-for-furnishing-of-credit-information\/#Reasons_for_Making_Modifications_in_Data_Format_for_Furnishing_of_Credit_Information\" title=\"Reasons for Making Modifications in Data Format for\nFurnishing of Credit Information\">Reasons for Making Modifications in Data Format for\nFurnishing of Credit Information<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/blog\/rbi-notifies-data-format-for-furnishing-of-credit-information\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/blog\/rbi-notifies-data-format-for-furnishing-of-credit-information\/#Official_RBI_Notification_on_Data_Format_for_Furnishing_of_Credit_Information\" title=\"Official RBI Notification on Data Format for Furnishing of Credit Information\">Official RBI Notification on Data Format for Furnishing of Credit Information<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Entities_Addressed_by_Reserve_Bank_of_India\"><\/span>Entities Addressed by Reserve Bank of India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The entities addressed by the Apex Bank\nin the Notification concerning Data Format for Furnishing of Credit Information\nare as follows:<\/p>\n\n\n\n<ul><li>All the Commercial Banks, inclusive of Small Finance Banks, Regional Rural Banks, Local Area Banks, but not <strong><a href=\"https:\/\/swaritadvisors.com\/payment-bank-license\" class=\"text-primary\">Payment Banks<\/a><\/strong>;<\/li><li>All the Primary Urban Cooperative Banks\/ State Cooperative Banks\/ District Central Cooperative Banks;<\/li><li>All the India Financial Institutions, such as NABARD, EXIM Bank, NHB, and SIDBI;<\/li><li>All the Non Banking Financial Companies, inclusive of Housing Finance Companies;<\/li><li>All the Credit Information Companies;<\/li><\/ul>\n\n\n\n<p><strong>Also, Read: <\/strong><mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/extended-time-for-authorisation-under-umbrella-entity-of-retail-payments\/\">RBI Extends Time Limit for Authorisation under Umbrella Entity of Retail Payments<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Provisions_of_the_RBI_Issued_Notification\"><\/span>Key Provisions of the RBI Issued Notification<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Uniform Credit Reporting Format or UCRF has two Annexures, out of which the annexure I contains two data credit reporting formats for the Consumer Bureau and Commercial Bureau, whereas the annexure II contains the credit reporting format for MFIs, i.e., Micro Finance Institutions segment.<\/p>\n\n\n\n<p>However, the key modifications made by\nthe Apex Bank in these formats are as follows:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Consumer_Bureau\"><\/span>Consumer Bureau <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In the Consumer Bureau Format, the label\nof the field \u201cWritten off and\nSettled status\u201d is modified as the \u201cCredit Facility Status\u201d. Also, the same\nwill nowhave a new catalogue value, i.e., the \u201cRestructured due to COVID-19\u201d.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Commercial_Bureau\"><\/span>Commercial Bureau <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In the Commercial Bureau, the existing\nfield named \u201cMajor Reasons for Restructuring\u201d will have a new catalogue value\nas well, i.e., \u201cRestructured due to COVID \u2013 19\u201d.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Micro_Finance_Institutions_Bureau\"><\/span>Micro Finance Institutions Bureau <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In this segment also the existing field\nnamed \u201cAccount Status\u201d will now have a new catalogue value, i.e., \u201cRestructured\ndue to COVID \u2013 19\u201d.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reasons_for_Making_Modifications_in_Data_Format_for_Furnishing_of_Credit_Information\"><\/span>Reasons for Making Modifications in Data Format for\nFurnishing of Credit Information<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The main reason behind the modifications\nwas to allow the banks\/ All India Financial Institutions\/NBFCs to report their\ninformation relating to the restructured loans to Credit Information Companies\nas provided in the circular DOR.No.BP.BC.3\/21.04.048\/2020-21, dated 06.08.2020,\non the Resolution Framework for the COVID-19 related stress.<\/p>\n\n\n\n<p>Also, it shall be noted that all the\nCredit Information Companies need to implement the required modifications to\ntheir mechanisms within a period of two months, starting from the date of\nnotification.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In a nutshell, the revised format prescribed by <a href=\"https:\/\/www.rbi.org.in\/\">RBI<\/a> through Notification No RBI\/ 2020 &#8211; 21\/ 106\/ DoR.FIN.REC.46\/ 20.16.056\/ 2020 \u2013 21, issued on 12.03.2021,requires all the Credit Information Companies to specifically identify the loans being restructured under the COVID &#8211; 19 relief scheme. Further, CICs need to implement the required changes within two months from the date of notification.<\/p>\n\n\n\n<p><strong>Also, Read: <\/strong><mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/rbi-relaxes-norms-for-investment-by-fpi-in-defaulted-bonds\/\">RBI Relaxes Norms for Investment by FPI in Defaulted Bonds<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Official_RBI_Notification_on_Data_Format_for_Furnishing_of_Credit_Information\"><\/span>Official RBI Notification on Data Format for Furnishing of Credit Information<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<a href=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/03\/Official-RBI-Notification-on-Data-Format-for-Furnishing-of-Credit-Information.pdf\" class=\"pdfemb-viewer\" style=\"\" data-width=\"max\" data-height=\"max\"  data-toolbar=\"bottom\" data-toolbar-fixed=\"off\">Official-RBI-Notification-on-Data-Format-for-Furnishing-of-Credit-Information<br\/><\/a>\n<p class=\"wp-block-pdfemb-pdf-embedder-viewer\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recently, the Reserve Bank of India (RBI), by way of Notification No RBI\/2020-21\/ 106\/ DoR.FIN.REC.46\/20.16.056\/2020 \u2013 21, issued on 12.03.2021, has notified a Data Format for Furnishing of Credit Information to CICs (Credit Information Companies). The said notification is in extension to RBI\u2019s Circular DBOD.No.CID.BC.127\/20.16.056\/2013 \u2013 14, dated 27.96.2014, which dealt with setting out the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[50,56],"tags":[531],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3582"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=3582"}],"version-history":[{"count":5,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3582\/revisions"}],"predecessor-version":[{"id":3590,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3582\/revisions\/3590"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/3583"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=3582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=3582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=3582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}