In August, the Reserve Bank of India (RBI) announced an increase in the frequency of credit information reporting by banks to credit bureaus, mandating fortnightly or even shorter intervals. The current practice is monthly reporting. The new norms are to take effect as soon as possible and no later than January 1, 2025.
This is win-win for both the borrowers and the lenders.
Borrowers will benefit as their credit information will be updated more quickly when they repay loans. For instance, when a borrower closes a home or car loan at the beginning of the month, she
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