RBI requires ARCs to join CICs, report standardized data, and handle customer grievances by 2025.

The Reserve Bank of India (RBI) has mandated that asset reconstruction companies (ARCs) join all credit information companies (CICs) and report data in a standardized format by January 1, 2025. This requirement aligns ARCs with regulations for banks and non-banking financial companies, aiming to enhance tracking of borrowers' credit histories post-loan transfers. ARCs must also establish procedures for customer grievances and appoint a nodal officer for CIC interactions.

October 10, 2024
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