Uniform Credit Reporting Format (Consumer) Quiz

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Questions and Answers

How long is the recommended time period for UCBs to work on improving data quality using the Data Quality Index?

2 years

1 year

3 months

6 months (correct)

What is the purpose of a Data Quality Index for UCBs?

To increase data rejections

To generate more data submissions

To rank their performance against peers (correct)

To eliminate the need for policy reviews

What should UCBs consider when formulating or reviewing policies under the Credit Information Companies (Regulation) Act, 2005?

Best practices detailed in Appendix - C (correct)

Relying on data peer comparisons

Avoiding approval from the Board of Directors

Increasing data rejections

Which document provides a Uniform Credit Reporting Format for Consumer and Commercial Borrowers?

Appendix - A Signup and view all the answers

What benefit can UCBs derive from adopting a Data Quality Index?

Minimization of data rejections Signup and view all the answers

What is the purpose of the directive DBR.No.CID.BC.59/20.16.056/2014-15 dated January 15, 2015?

To require UCBs to become members of all Credit Information Companies (CICs) and submit data to them. Signup and view all the answers

Which new catalogue value has been added to the 'Credit Facility Status' field in the Consumer Bureau?

Restructured due to COVID-19 Signup and view all the answers

What is the new catalogue value added to the 'Major reasons for restructuring' field in the Commercial Bureau?

Restructured due to COVID-19 Signup and view all the answers

What is the purpose of the Committee to Recommend Data Format for furnishing of Credit Information to CICs?

To mandate the use of a specific data format for reporting credit information to CICs. Signup and view all the answers

Which type of financial institution is required to comply with the directive DBR.No.CID.BC.59/20.16.056/2014-15?

Urban Cooperative Banks (UCBs) Signup and view all the answers

What is the primary focus of the changes made to the Uniform Credit Reporting Format for Consumer Bureau and Commercial Bureau?

Introducing new data fields and catalogues to capture the impact of COVID-19 on credit facilities. Signup and view all the answers

What is the primary purpose of the Technical Working Group mentioned in the text?

To review and update the data formats for credit reporting as needed. Signup and view all the answers

Which of the following institutions is NOT mentioned as being part of the Technical Working Group?

Credit Information Companies (CICs) Signup and view all the answers

What is the time frame given for Urban Cooperative Banks (UCBs) to rectify and upload rejected data to Credit Information Companies (CICs)?

Within 7 days of receiving the rejection report. Signup and view all the answers

What is the purpose of Credit Information Companies (CICs) sharing their logic and validation processes with Urban Cooperative Banks (UCBs)?

To minimize instances of data rejection. Signup and view all the answers

Which of the following entities is NOT explicitly mentioned in the text as being involved in the credit reporting process?

Insurance Companies Signup and view all the answers

What is the purpose of the parenthetical notations (Consumer) and (Commercial) mentioned in the text?

To indicate the type of credit reporting format being discussed. Signup and view all the answers

Study Notes

Data Quality Index

A common Data Quality Index would help UCBs identify gaps in their data and improve their performance over time.
It would also enable UCBs to rank their performance against their peers and determine their relative position.

Best Practices for UCBs

UCBs should adopt best practices while formulating or reviewing their policy and procedure under CICRA with the approval of their Board of Directors.
Best practices are detailed in Appendix - C.