Mumbai, July 2 -- RBI Deputy Governor M Rajeshwar Rao has called for frequent data updates by Credit Information Companies (CICs), asserting that it will improve loan underwriting precision, among others.

Addressing TransUnion CIBIL's Credit Conference in Mumbai on Tuesday, the RBI deputy governor outlined two critical enablers -- data freshness and data quality-- for the betterment of India's credit ecosystem.

Currently, credit data is refreshed on a fortnightly basis.

"We must aspire to more frequent updates," M Rajeshwar Rao said, as per the excerpts of his speech published by the RBI on its website today.

"Real-time or near-real-time credit reporting will improve underwriting precision, enable timely reflection of borrower actions...