The International Financial Services Centres Authority has formed a standing Technical Working Group to advise on the establishment and operation of credit information companies in the Gujarat International Finance Tec-City International Financial Services Centre. The group will examine technical, operational, legal and regulatory issues and recommend measures for a secure, interoperable and globally aligned credit information ecosystem. Its work will cover standardized credit data reporting formats, procedures for correcting and resubmitting erroneous data, and implementation challenges for regulated entities and credit information companies. It will also examine onboarding, data submission frequency, reconciliation and reporting. The group comprises representatives from four credit information companies, two banks and two IFSCA-registered finance companies, with an IFSCA officer serving as observer. The credit information companies will rotate the convenor role annually, while bank and finance company representatives will serve three-year terms.

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