HDFC Bank delayed submissions of loan data, credit bureau informs RBI

HDFC Bank delayed submissions of loan data, credit bureau informs RBI

The RBI has made it obligatory for lenders such as HDFC Bank to provide information on their borrowers to Experian and three other credit bureaus on a monthly basis

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Experian PLC informed the RBI in July about the delay on HDFC bank's part in providing it with the details of its loansExperian PLC informed the RBI in July about the delay on HDFC bank's part in providing it with the details of its loans
BusinessToday.In
  • Aug 7, 2020,
  • Updated Aug 7, 2020 3:58 PM IST

Private sector lender HDFC Bank delayed sharing its loan details with consumer credit reporting company Experian PLC. The Irish-domiciled multinational informed the Reserve Bank of India (RBI) in July (2020) about the delay on the bank's part in providing the details of its loans, comprising the repayment status of millions of its borrowers.

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Such sluggishness has been an issue for around two years, sources in the know told Bloomberg. Credit bureaus like Experian provide data to Indian banks seeking to evaluate the credit worthiness of borrowers.

Banks are dependent on these companies for all such data, especially at a time when bad debt is expected to increase in the wake of COVID-19 pandemic. The RBI has made it obligatory for lenders to provide information on their borrowers to Experian and three other credit bureaus on a monthly basis.

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Private sector lender HDFC Bank delayed sharing its loan details with consumer credit reporting company Experian PLC. The Irish-domiciled multinational informed the Reserve Bank of India (RBI) in July (2020) about the delay on the bank's part in providing the details of its loans, comprising the repayment status of millions of its borrowers.

Advertisement

Such sluggishness has been an issue for around two years, sources in the know told Bloomberg. Credit bureaus like Experian provide data to Indian banks seeking to evaluate the credit worthiness of borrowers.

Banks are dependent on these companies for all such data, especially at a time when bad debt is expected to increase in the wake of COVID-19 pandemic. The RBI has made it obligatory for lenders to provide information on their borrowers to Experian and three other credit bureaus on a monthly basis.

Also Read:

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