Banks should give monthly data about wilful defaulters: RBI

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The Reserve Bank of India has mandated banks to give data about wilful defaulters each month or more frequently to the credit information companies from the beginning of 2015. According to the new regulations, banks will have to furnish data on wilful defaulters of Rs 25 lakh and above for the quarter ended December 31, 2014, and of Rs 1 crore and above for the half year ended December 31, 2014, to credit information firms, and not to RBI.

After this, banks can continue to furnish data with regard to wilful defaulters to credit information firms on a monthly or a more frequently basis. This will allow banks to have data on wilful defaulters on a real-time basis.

This has been based on the recommendations made by a committee formed by RBI, headed by HDFC Bank MD Aditya Puri, to recommend the data format for furnishing of credit information to credit information companies.