Business
RBI asks CICs to prepare data quality index for commercial, microfinance segments
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The Reserve Bank of India on Wednesday asked Credit Information Companies (CICs) to prepare data quality index for commercial and microfinance segments. In June 2014, the RBI had issued directions for setting out a common Data Quality Index (DQI) for assessing the quality of data submissions by Credit Institutions (CIs) to CICs, and improving them over a period of time.
Currently, the DQI is being used for data submitted under the consumer segment.
“With a view to enable further implementation of DQI, it has been decided that CICs shall prepare DQIs for commercial and microfinance segments also…, the central bank said in the circular.
CICs have been asked to provide DQIs for commercial and microfinance segments to all CIs latest by March 31, 2024.
CICs will have to provide DQIs for commercial and microfinance segments in the form of numeric scores on a monthly basis to all member credit institutions.
CIs have been asked to undertake half-yearly review of DQI for all segments to improve the quality of the data being submitted to CICs.
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