According to a financial news sheet , the RBI has asked cooperative banks to become members of credit information companies (CICs). This will help those customers who are doing transactions only with cooperative banks.
According to the RBI data, there are 50 scheduled urban co-operative banks and 30 state co-operative banks.
The RBI has taken the step as per the recommendation made by the committee on Data Format for Furnishing of Credit Information to the CICs. The committee was chaired by Aditya Puri, MD HDFC bank.
With the new regulations covering cooperative banks, there will be data parity, says the apex bank.
Sources say with the inclusion of cooperative banks, their customers will have credit histories, obtain further loans and become part of the financial system.