Switch to real-time data: RBI to credit bureaus

STATING that quicker relaying of data from credit bureaus will help deepen public trust, efficiency and transparency in the financial system, the senior-most deputy governor of the Reserve Bank, M Rajeshwar Rao, has asked credit information companies like Transunion Cibil to switch to real-time data reporting from the fortnightly model being followed now.

- BENN KOCHUVEEDAN @ Mumbai

"We must aspire to more frequent updates. Real-time or near-real-time credit reporting will improve underwriting precision, enable timely reflection of borrower actions like loan closures or repayments and deliver a superior consumer experience," Rao said addressing a conference organised by Cibil on Tuesday. The RBI shared the speech on Wednesday.