It has been decided that Credit Information Companies (CICs) shall prepare Data Quality Index (DQIs) for the Commercial and Microfinance segments respectively. CICs shall provide the DQIs for Commercial and Microfinance segments to all CIs by March 31, 2024.
Further, CICs are advised as under:
- CICs shall provide DQIs for Commercial and Microfinance segments in the form of numeric scores on a monthly basis to all member credit institutions.
- DQI scores for Commercial and Microfinance segments shall be provided at CI and file level. The DQI scores for Commercial and Microfinance segments at the CI level shall be computed as the weighted average of file-level DQI scores of the commercial and microfinance segments respectively of that CI.
- CICs shall compute industry-level DQIs for each of the three reporting segments1 as the weighted average of the CI level DQI in their respective category (e.g. Public Sector Banks, Private Sector Banks, Foreign Banks, Co-operative Banks, RRBs, NBFCs etc.) on monthly basis. Further, a half-yearly Industry Benchmark shall be calculated as a rolling average of the preceding six months Industry level DQI score of the respective category of CIs.
- CICs shall provide reasons for the decline in score to each CI, if its (a) CI level score has declined over the previous month or (b) CI level score is lower than the half-yearly industry benchmark.
- CICs shall provide monthly data of CI level DQI and industry level DQI of all segments to the Department of Supervision, Reserve Bank of India, Central Office at half-yearly intervals as on September 30 and March 31 each year, for information and monitoring purposes.
Link –
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12537&Mode=0
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