Module: | Capital Adequacy, Basel Norms & Monetary Policy
Q38: Which of the following statements regarding credit information reporting timelines and data rectification are correct?
1. Credit Institutions must submit credit information on the 9th, 16th, 23rd, and last day of the month.
2. For weekly submissions (9th, 16th, 23rd), only 'incremental accounts' need to be reported within 4 calendar days.
3. If data is rejected by a CIC, the Credit Institution must rectify and re-submit it before or along with the data for the subsequent reporting reference date.
4. The 'full file' containing all active accounts must be submitted by the 10th day of the next month.
Which of the statements given above is/are correct?
2. For weekly submissions (9th, 16th, 23rd), only 'incremental accounts' need to be reported within 4 calendar days.
3. If data is rejected by a CIC, the Credit Institution must rectify and re-submit it before or along with the data for the subsequent reporting reference date.
4. The 'full file' containing all active accounts must be submitted by the 10th day of the next month.
Which of the statements given above is/are correct?
✅ Correct Answer: A
The correct answer is A. Statements 1, 2, and 3 correctly describe the reporting cycle: specific reference dates are set, interim reports cover only incremental changes (new/closed/changed accounts), and rectification of rejected data must be immediate (by the next reporting cycle) to maintain data quality.
Statement 4 is incorrect because the deadline for submitting the monthly 'full file' is strictly the 5th day of the next month, not the 10th, to ensure timely credit profile updates.
Statement 4 is incorrect because the deadline for submitting the monthly 'full file' is strictly the 5th day of the next month, not the 10th, to ensure timely credit profile updates.