Banking Technology Insights - UCRF Bureau Reporting Now Mandatory | NBFC Lending Slowdown | Industry Updates
Updated: Mar 3, 2025
1️⃣ Featured Insight - UCRF Format based bureau reporting now mandatory.
RBI has been doing many reforms on the credit reporting space over the last year or so. It has all culminated in the master directions which were released on 6th Jan 2025 [Reference]. There have been some sweeping changes in how bureau reporting has to be done. The credit information companies (CICs) have been processing the regulations, and now are asking FIs to submit data in the UCRF (Unified Credit Reporting Format) format only. Below is everything you need to know about it:
💡Learn About UCRF / TUDF format
UCRF format is the same as TUDF format. TUDF (Trans Union Data Format) is a text based format (not excel or csv based) developed by CIBIL bureau, with the new RBI guidelines, it is renamed to UCRF format.
This change brings consumer bureau reporting in line with respect to the commercial bureau reporting which was already a non excel based text format.
Ideal implementation in your systems would be to create a converter from excel to UCRF format, so that any manual edits etc. can be converted to TUDF format.
Consumer bureau reporting has to be done every 15 days, on the 15th and the last day of the month, so system development is a must for UCRF format. It is not a human readable format, so it cannot really be created by hand.
💡Commercial Bureau Reporting
Co applicants or Relationship Segments are mandatory for doing bureau reporting. [Reference]
The Relationship Segment (RS) within the Commercial Bureau format captures data on corporate relationships, including business category and relationship type (e.g. directors, shareholders, proprietors, partners, trustees, holding companies, subsidiary companies and associated companies).
The “tap” format used for commercial bureau reporting is also not a human readable format, so it must be generated by system, as it is not really feasible to generate it by hand.
💡Ensuring Data Quality while doing submissions
The new RBI guidelines ask CICs to maintain a Data Quality Index for each FI. It means, a bare minimum reporting is not enough, and each FI should strive to have a high data quality. RBI will monitor the same with respect to the industry wide averages.
DQI guidelines are available for consumer bureau reporting here. They are available for commercial bureau reporting here.
Typically, FIs face problems while maintaining high DQI in commercial bureau reporting, as many fields end up getting reported as “others”. The best way to handle this is to ensure that all fields which are considered in DQI must be taken as inputs.
2️⃣ Industry News Roundup
🗓️ Kinara Capital breaches loan covenants. [Reference]
🗓️ RBI released draft circular on charging of foreclosures charges. These are some borrower friendly norms which will impact how foreclosure charges are charged to customers by banks and NBFCs. [Reference]
3️⃣ Stats of the week
📊Bank lending to NBFCs saw a significant slowdown in 2024, increasing by only 6.7% to reach Rs 16.22 lakh crore as of December. This is a marked contrast to the 15% growth rate observed in 2023, and represents the slowest growth rate in four years.
📊The Reserve Bank of India's quarterly data revealed that the annual growth rate for the personal loan segment decreased to 13.7% at the end of December 2024, compared to 15.2% at the end of September. This moderation in personal loan growth during the quarter ending in December followed regulatory cautions about potential overheating in the market.
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