All CIs, whose licence or CoR has been cancelled by the Reserve Bank of India shall be categorised as “Credit Institutions” under Section 2(f)(vii) of CICRA.
These CIs shall continue to report credit information of the borrowers on-boarded and reported to CICs prior to cancellation of their licence or CoR to all the four CICs till the loan life cycle is completed or the credit institution is wound up, whichever is earlier.
These CIs shall have access to Credit Information Reports pertaining to only those borrowers which were onboarded and reported to CICs before the cancellation of their licence/CoR.
CICs shall not charge the annual and membership fees from these CIs.
CICs shall tag these CIs as “Licence Cancelled Entities” in the CIR. CICs shall base this tagging on the information available on the website of the Reserve Bank of India or the cancellation of licence order received from RBI.
Provisions of this circular shall also be applicable to those entities whose licence/CoR has been cancelled by the Reserve Bank of India prior to issuance of this circular.
All other instructions regarding credit information reporting by CIs to CICs shall remain unchanged.
Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12739&Mode=0
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