RBI new credit score reporting rule

[harsha1]

https://www.livemint.com/money/personal-finance/rbis-new-credit-reporting-rules-what-they-mean-for-your-spending-limit-and-credit-score-11723962088561.html

Now seems bank needs to update credit score daily to cibil or experian

 

[_ayush]

the article says fortnight not daily 🤔

 

[SSV]

https://www.livemint.com/money/personal-finance/rbis-new-credit-reporting-rules-what-they-mean-for-your-spending-limit-and-credit-score-11723962088561.html

Now seems bank needs to update credit score daily to cibil or experian

Fortnightly , not daily !!

 

[tharun]

Fortnightly , not daily !!

View attachment 66329

They could have used once for 2 weeks or they could have just said once every 14 days

They didn't say biweekly it will be confusing like hell then 😂

 

[Ash8]

They didn't say biweekly it will be confusing like hell then 😂

You mean bimonthly? 🌚

 

[sunit123]

Small query not clarified in the article...Will these rules be applicable only for middle class or even for vijay mallya, nirav modi, mehul choksi and all those whose 2 lakh crore is written off by banks.

 

[SSV]

Small query not clarified in the article...Will these rules be applicable only for middle class or even for vijay mallya, nirav modi, mehul choksi and all those whose 2 lakh crore is written off by banks.

There two classes of people:
1) For whom the Rules apply strictly.
2) For those Rules Excpetions apply..

and there are many who are still in India and falls under the 2nd category.. those dont need to be who were flown out of India just like you mentioned...

 

[sunit123]

There two classes of people:
1) For whom the Rules apply strictly.
2) For those Rules Excpetions apply..

and there are many who are still in India and falls under the 2nd category.. those dont need to be who were flown out of India just like you mentioned...

It is the 2nd category which will fly out of india in near future....Rules are made for category 1, who anyways follow the rules...irony is that rules are needed for category 2, to keep them under check

 

[SSV]

It is the 2nd category which will fly out of india in near future....Rules are made for category 1, who anyways follow the rules...irony is that rules are needed for category 2, to keep them under check

The irony that you didn’t think of is:
The category 2 people exist and still will be in India forever is because the rule implementers don’t want to put them under category 1 …

 

[PallavBhargava]

I guess it is always better to spend which you can pay off asap.

 

[Trust Me]

Please change the misleading title to Credit Reporting Rule. Thank you.
.

 

[shashankrt]

The irony that you didn’t think of is:
The category 2 people exist and still will be in India forever is because the rule implementers don’t want to put them under category 1 …

Category 2 ppl exists in all countries. In US look at tax paid by billionaires vs normal ppl. Same case for Middle east and lot of other countries. Sad reality of life !

 

[_ayush]

The irony that you didn’t think of is:
The category 2 people exist and still will be in India forever is because the rule implementers don’t want to put them under category 1 …

and most of the rules are created by people in category 2. only escape in my opinion is to become one of them.

 

[praful47]

It is the 2nd category which will fly out of india in near future....Rules are made for category 1, who anyways follow the rules...irony is that rules are needed for category 2, to keep them under check

Banks wants to run their business.. they don't see who's under category 1 and category 2 . Possibility to fly is for both the categories .
It depends on a person's life how he takes up the thing .

For common people life will remain a struggle, so why do we need to think so much .

 

[tharun]

You mean bimonthly? 🌚

No I said biweekly which can refer to weekly twice or once weekly which creates confusion thus becomes funny

Also bimonthly can refer to 2 times a month or 2months once

 

[Ash8]

No I said biweekly which can refer to weekly twice or once weekly which creates confusion thus becomes funny

Also bimonthly can refer to 2 times a month or 2months once

Biweekly means twice in a week, weekly means once in a week. Bimonthly means twice in a month, and there is no single word for once in two months.

Since RBI is talking about fortnight here, that should mean every 14 days. Although, I guess even RBI itself didn't clearly state things here.

 

[praful47]

Biweekly means twice in a week, weekly means once in a week. Bimonthly means twice in a month, and there is no single word for once in two months.

Since RBI is talking about fortnight here, that should mean every 14 days. Although, I guess even RBI itself didn't clearly state things here.

It will be cleared when we will check our updated cibil after a month

 

[tharun]

Biweekly means twice in a week, weekly means once in a week. Bimonthly means twice in a month, and there is no single word for once in two months.

Since RBI is talking about fortnight here, that should mean every 14 days. Although, I guess even RBI itself didn't clearly state things here.

Mint reported in the circular as fortnightly and not biweekly

Bi weekly doesn't necessarily mean it's twice in a week it can also be interpreted as 2 week once.
I was saying in that context thankgod they didn't mention biweekly which would cause confusion

 

[harsha1]

https://m.rbi.org.in//Scripts/BS_CircularIndexDisplay.aspx?Id=12718

Fortnightly means every 15th day and Last day of the month as per above circular

 

[tharun]

https://m.rbi.org.in//Scripts/BS_CircularIndexDisplay.aspx?Id=12718

Fortnightly means every 15th day and Last day of the month as per above circular

I think fortnightly means 14 days(2weeks) it may reported on 14th or 15th