RBI asks asset reconstruction firms to standardise credit bureau reporting

The Reserve Bank of India (RBI) has asked asset reconstruction firms (ARCs) to standardize their credit bureau reporting practices. This directive aims to ensure consistency and accuracy in the reporting of credit information by ARCs. The RBI’s guidelines emphasize the importance of maintaining high standards of data quality and integrity in credit bureau reporting. ARCs are required to align their reporting practices with the guidelines to enhance transparency and reliability in the credit information ecosystem. This measure is part of the RBI’s broader efforts to improve the functioning of the credit market and ensure that credit information is accurately reflected in credit bureau reports.