Credit Information Companies (Regulation) Act, 2005

Act 2005

Effective: 14 Dec 2006

Plain-English summary

Credit Information Companies (Regulation) Act, 2005 is completely operational as the primary legislation of India regarding credit risk information, retail scoring, and bank history pipeline management. By granting powers to the RBI to license and regulate the business, this Act compels all commercial banks, NBFCs and asset reconstruction companies to furnish credit information but keeps the privacy of consumer information intact. There has been a considerable amount of improvement within the regulatory framework through recent changes in its structure, including the requirement of the 1st July 2026 quad-weekly reporting, where lenders have to provide incremental account updates four times a month, a mandatory data rejection cleansing process, and the Internal Ombudsman Scheme of 2026.

Who it applies to

Banking · NBFC / Non-bank Lending

Topics

Conduct & Consumer Protection Data Protection & Privacy

Official source

Latest news

RBI extends regulatory directive for cooperative urban bank three months 3 Oct 2026
The Reserve Bank of India has extended a regulatory directive issued under the Banking Regulation Act to Innovative Co-operative Urban Bank Limited, New Delhi for an additional three months through January 4, 2027. The…
RBI extends supervisory directions for Industrial Co-operative Bank Ltd. 3 Oct 2026
The Reserve Bank of India has extended supervisory directions issued to The Industrial Co-operative Bank Ltd., Guwahati under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The original directive…
RBI finalizes Basel III market risk capital requirements for banks 26 Sep 2026
The Reserve Bank of India has issued final Directions on minimum capital requirements for market risk under the revised Basel III framework, effective April 1, 2027. The framework adopts the Simplified Standardised…
RBI penalizes gold-loan fintech KLM Axiva Finvest Limited for auction surplus non-payment 26 Sep 2026
The Reserve Bank of India imposed a monetary penalty of ₹2.70 lakh on KLM Axiva Finvest Limited for regulatory non-compliance discovered during statutory inspection. The company failed to remit surplus amounts to…
RBI penalizes Hero Fincorp for excess interest collection breaches 26 Sep 2026
The Reserve Bank of India imposed a monetary penalty of 10 lakh rupees on Hero Fincorp Limited on September 22, 2026, following supervisory findings of non-compliance with RBI's "Fair Practices Code for Lenders…