New Delhi, Dec. 5 -- From the current fortnightly review of credit reports, the Reserve Bank of India (RBI) has announced that banks are expected to update the credit information report on a weekly basis. The central bank mentioned this in a statement on 4 December.

"Given the increasing reliance of CIs (credit institutions) on credit information reports (CIRs) in credit underwriting processes, it is imperative that the CIRs provided by CICs reflect more recent information. Upon review, it was proposed to amend the extant instructions and transition to weekly incremental submission of credit information by CIs to CICs along with measures to facilitate faster data submission and error rectification," reads the statement.

It is worth noti...