💨 Abstract

The Reserve Bank of India (RBI) has issued a directive for Asset Reconstruction Companies (ARCs) to establish standard operating procedures for providing loan data to credit bureaus. This move aims to harmonize the data submission norms for ARCs with those of financial institutions. ARCs are now required to become members of all credit bureaus, appoint a nodal officer for dealing with them, and ensure compliance with these guidelines by January 1.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖