The Reserve Bank of India (RBI) on September 20 directed credit information companies (CICs) to set out a common data quality index (DQI) for commercial and microfinance segments.
The DQI could further help in assessing the quality of data submissions by credit institutions (CIs) to CICs and improving the same over a period of time, the central bank said in a press release.
"With a view to enable further implementation of DQI, it has been decided that CICs shall prepare DQIs for Commercial and Microfinance segments," said RBI in the press release.
Currently, the data quality index (DQI)is being used for data submitted under the consumer segment.
RBI further said CICs shall provide the DQIs for Commercial and Microfinance segments to all CIs latest by March 31, 2024.
"CIs are advised to undertake a half yearly review of the DQI for all segments to improve the quality of the data being submitted to CICs," the central bank added.
Further, CIs are advised to take corrective steps on issues. Additionally, a report on the issues shall be placed before its top management by each CI for review within two months from the end of that half-year.
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