RBI master-direction RBI/DOR/2025-26/378 · 28 Nov 2025
Official title
Reserve Bank of India (Credit Information Companies) Directions, 2025 (Updated as on July 01, 2026)
Summary
Check the official recordThe Reserve Bank of India issues updated directions for Credit Information Companies (CICs) to regulate credit information reporting, dissemination, and grievance redressal. CICs must maintain board-approved policies for free credit reports, search algorithm reviews, and consumer complaint handling. The directions mandate specific data submission timelines for Credit Institutions (CIs) and define standardized reporting formats. CICs must implement a compensation mechanism for delayed complaint resolution, providing 100 rupees per day for delays exceeding 30 days. The framework also outlines eligibility criteria for Specified Users, investment limits in CICs, and requirements for Information System audits. These directions replace previous guidelines and take effect immediately, with specific provisions updated as of July 01, 2026.
What you must do
Key dates
Who is affected
Thresholds
Exceptions
If you do not comply
RBI/DOR/2025-26/378 DOR.FIN.REC.No.297/20.16.056/2025-26 November 28, 2025 Previous Versions Reserve Bank of India (Credit Information Companies) Directions, 2025 (Updated as on July 01, 2026) Table of Contents Chapter I - Preliminary A. Short Title and Commencement B. Applicability C. Definitions Chapter II – Role of the Board Chapter III - Statutory Framework Governing CICs Chapter IV - Investment in CICs Chapter V - Credit Information Reporting and Dissemination A. Membership of CICs B. Submission of Data by CIs - Role of CICs C. Credit Information dissemination Chapter VI - Technical Working Group A. Constitution of Technical Working Group B. Standing Sub-Group of TWG Chapter VII - Customer Service and Grievance Redressal A. Strengthening of customer service B. Miscellaneous Instructions C. Reserve Bank- Integrated Ombudsman Scheme, 2021 Chapter VIII - Best Practices Chapter IX - Repeal and Interpretations Annex I Annex II Annex III Annex IV Annex V Annex VI Annex VII Annex VIII Annex IX Annex X
In exercise of the powers conferred by Section 11 and 37 of the Credit Information Companies (Regulations) Act, 2005 (hereinafter referred to as CICRA), the Reserve Bank of India (‘RBI’) being satisfied that it is necessary and expedient in the public interest so to do, hereby issues the Directions hereinafter specified.
(1) ‘Company’ means a company defined under section 3 of the Companies Act, 1956 or corresponding section under the Companies Act, 2013.
(2) ‘Credit Information Companies (CICs)’ means companies that have been granted a certificate of registration under section 5 of the CICRA. The CICs registered with RBI under Section 5 of the CICRA are listed below:
| Sr. No. | List of the CICs registered with RBI | Date of issue of Certificate of Registration |
|---|---|---|
| 1. | CRIF High Mark Credit Information Services Private Limited | November 25, 2010 |
| 2. | Equifax Credit Information Services Private Limited | March 26, 2010 |
| 3. | Experian Credit Information Company of India Private Limited | February 17, 2010 |
| 4. | TransUnion CIBIL Limited | March 05, 2012 |
(3) ‘Credit Institutions (CIs)’ means the following institutions:
(i) Banks - (a) All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks, and excluding Payment Banks) (b) All Primary (Urban) Co-operative Banks, State Co-operative Banks and Central Co-operative Banks
(ii) All India Financial Institutions (AIFIs) regulated by the Reserve Bank, viz., (a) Export Import Bank of India (EXIM Bank) (b) National Bank for Agriculture and Rural Development (NABARD) (c) National Housing Bank (NHB) (d) Small Industries Development Bank of India (SIDBI) and (e) National Bank for Financing Infrastructure and Development (NaBFID)
(iii) All Non-Banking Financial Companies (NBFCs), including Housing Finance Companies but excluding NBFCs which are purely into investment activities without any customer interface.
(iv) All Asset Reconstruction Companies (ARCs)
(4) ‘Specified User (SU)’ shall have the same meaning assigned to it under clause (l) of section 2 of CICRA and those notified under regulation 3 of the Credit Information Companies Regulations, 2006, hereinafter referred to as “CIC Regulations” (as amended from time to time).
Words or expressions used in these Directions and not defined herein, but defined in CICRA, 2005, the Credit Information Companies Rules, 2006 (hereinafter referred to as “CIC Rules”) and the CIC Regulations 2006 shall have the same meanings as assigned to them in these Statute / Rules / Regulations.
All other expressions, unless defined in these Directions or aforesaid Statute / Rules / Regulations, shall have the same meaning as have been assigned to them under the Reserve Bank of India Act, 1934, or the Banking Regulation Act, 1949, or any statutory modification or re-enactment thereto or in other relevant regulations issued by the Reserve Bank, or Glossary of Terms published by the RBI, or as used in commercial parlance, as the case may be.
(i) on making available the Free Full Credit Report (FFCR);
(ii) for undertaking a periodic review, at least on a half-yearly basis, of the ‘Search & Match’ logic algorithm implemented by the CIC to provide Credit Information Report (CIR) of a borrower;
(iii) on sharing the credit information relating to Self-Help Groups (SHGs) or SHG members, on an aggregate basis with the Government agencies, NABARD, banks and MFIs for the purpose of credit planning and research.
(iv) for consumer complaint redressal in line with best practices detailed in paragraph 45. The policy shall be displayed on its website.
(i) the Information Security (IS) audit reports of entities with whom the CIC has entered into agreement for sharing of credit information based on the consent of the individual;
(ii) results of the Root Cause Analysis (RCA) and subsequent changes in the ‘search and match’ logic; and
(iii) complaints on a quarterly basis.
CICRA 2005 read with Credit Information Companies Rules, 2006 and Credit Information Companies Regulations, 2006 provide the legislative framework for regulation and supervision of Credit Information Companies (CICs) in India.
In exercise of the powers conferred by section 37 of CICRA 2005 (30 of 2005), RBI made CIC Regulations, 2006 which were published vide Ministry of Finance (Department of Economic Affairs), Banking Division, Notification No. GSR 754 (E) dated December 14, 2006, in Gazette of India.
Further, in exercise of powers conferred by Section 36 of the CICRA 2005, and after consultation with RBI, the Central Government made the CIC Rules, 2006 vide Ministry of Finance (Dept. Of Economic Affairs) (Banking Division), Notification. No. G.S.R. 753 (E), dated December 14, 2006, published in the Gazette of India.
A CIC shall adhere to the CIC Regulations and CIC Rules as amended from time to time.
(1) Investments directly or indirectly by any person, whether resident or otherwise, in a CIC, shall not exceed ten percent of the equity capital of the investee company.
Provided that, notwithstanding the above, RBI may consider allowing higher FDI limits as under to an entity which has an established track record of running a Credit Information Bureau in a well-regulated environment:
(i) up to 49% if its ownership is not well diversified (i.e., one or more shareholders each hold more than 10% of voting rights in the company)
(ii) up to 100% if its ownership is well diversified
or
If its ownership is not well diversified, at least 50% of the directors of the investee CIC in India are Indian nationals/ Non-Resident Indians/ Persons of Indian Origin subject to the condition that one third of the directors are Indian national residents in India.
(iii) The investor company is preferably a listed company on a recognised stock exchange.
(2) Foreign Institutional Investment (FII) / Foreign Portfolio Investment (FPI) shall be permitted subject to the following conditions:
(i) a single entity shall directly or indirectly hold below ten percent equity;
