Report of the RBI committee to recommend data format for furnishing of credit information to CICs

After reading the report of the committee to recommend data format for furnishing of credit information to CICs, below are a few of my comments.

1.      The report repeats many of its recommendations several times and could be made concise to save time for a reader
2.      How about recommending making CIR available on mobile devices of consumers who have subscribed for those?
3.      How about a separate value added product for consolidated CIR for a whole family living at the same address? This may make it easy for CIs to get CIR for a family seeking credit jointly.
4.      Similarly, How about a Commercial CIR for a group of companies run by members of a family, as a separate value added product?
5.      Wherever possible, with their consent in loan application forms, how about providing links to social media profiles of users to CICs and into CIRs? This may help CIs learn more about a borrowers’ ‘likes’, 'circles' etc. for better informed decision making.

Thank you for reading. Hope this makes sense. I’ll highly appreciate your feedback.


Amit

Location: Nagpur, Maharashtra, India

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