BackRBI asks banks, NBFCs to report accounts restructured due to COVID-19 separately
Lenders should make necessary modification to their system and report it to credit bureaus within two months, the banking regulator said
PremiumThe Reserve Bank of India on Friday asked the banks and other lenders to report the accounts restructured due to coronavirus separately to credit bureaus. Lenders should make necessary modification to their system and report it to credit bureaus within two months, the banking regulator said.
All commercial banks including small finance banks, local area banks and regional rural banks, primary (urban) co-operative banks/state co-operative banks/district central co-operative banks, India Financial Institutions (Exim Bank, NABARD, NHB and SIDBI) and non-banking financial companies (including housing finance companies) were asked to inform the credit bureaus about restructuring the accounts.
The regulator modified the format to incorporate the restructuring of accounts due to COVID-19.
For consumer bureau, the label of the field ‘written off and settled status’ is modified as ‘Credit Facility Status’ and it will also have a new catalogue value, viz., ‘restructured due to COVID-19’, RBI said.
For commercial bureau, the existing field ‘Major reasons for restructuring’ will have a new catalogue value, viz., ‘restructured due to COVID-19’, it added.
The existing field ‘account status’ will have a new catalogue value, viz., ‘restructured due to COVID-19' for MFI bureaue.
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