There are a whole host of issues which have impeded the growth and acceptance of the CICs in India with quality of data submitted by the lenders, multiplicity of CICs, use of alternate data and consumer protection being the major ones.
With a view to overcome these issues and challenges, RBI had set up a Committee (Chairman: Shri Aditya Puri, MD, HDFC Bank Limited) to examine the above issues and to also recommend a data format for furnishing of credit information to CICs by Credit Institutions.