The Reserve Bank of India (RBI) is tightening its grip on credit information companies (CICs) and has laid out a roadmap aimed at improving customer awareness, data accuracy and real-time reporting.

According to a Zee Business report, the RBI is actively working on improving the operations of credit bureaus. It has directed regulated entities like banks to increase public awareness about how credit reports are generated and how certain actions—like missing payments or even booking services like Ola and Uber—can impact credit scores. The central bank believes that an informed consumer will drive more responsible credit behavior and ultimately boost credit demand.

RBI Deputy Governor M. Rajeshwar Rao echoed these views in a recent speech, stating that transparency, efficiency, and trust are essential pillars of a strong credit infrastructure. He emphasised that credit information companies must provide better facilities and services to customers while maintaining high standards in data quality.

One of RBI’s key goals is to enhance the “freshness” of credit data. Currently, updates to credit information may take up to 15 days. The RBI now aims to enable real-time reporting, allowing the immediate reflection of events such as loan closures or timely payments. This shift is expected to enhance the accuracy of credit scores and improve the user experience for both consumers and lenders.

To make this vision a reality, the central bank is pushing for greater investment in technology and streamlined processes. It also highlighted the need for a unique, secure, and verifiable customer ID system to avoid duplication or incorrect credit reporting due to misidentification.

As the RBI sharpens its focus on consumer protection and data reliability, this regulatory overhaul is poised to reshape the way Indians interact with the credit system—making it more transparent, accountable, and consumer-friendly.