The International Financial Services Centres Authority (IFSCA) has constituted a Technical Working Group (TWG) on Credit Information Companies (CICs) — a standing expert body that will examine the technical, operational, legal and regulatory issues around setting up and running CICs in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC). The constitution was announced through an IFSCA press release dated 12 October 2026, issued from Gandhinagar.
What happened
IFSCA's stated objective for the TWG is to make recommendations for developing an efficient, secure, interoperable and globally aligned credit information ecosystem within the IFSC — strengthening the infrastructure for the collection, reporting and dissemination of credit information.
In practical terms, the group will function as a permanent industry-consultation channel between the regulator, the four credit bureaus, IFSC banks and IFSC finance companies on everything from data formats to dispute correction.
How the group is constituted
- One representative from each CIC (if available) — i.e. the four bureaus: CRIF, Equifax, Experian and TransUnion CIBIL.
- Two representatives from banks present in IFSC (one each).
- Two representatives from finance companies registered with IFSCA (one each).
- Three-year terms for the bank and finance-company representatives.
- Rotating convenor: the four CICs take turns as convenor of the TWG for each calendar year, in alphabetical order of name. CRIF is the convenor for FY 2026-27.
- Observer: an IFSCA officer not below the rank of Manager — currently Mr. T.P. Samuel Wesley, Manager, IFSCA.
The 9 members (as per Annex 1 of the press release)
Terms of reference — what the TWG will actually do
The press release gives the group four terms of reference:
- Standardised reporting formats: review and recommend standard data-reporting formats for credit information submitted by Credit Institutions operating in IFSC.
- Data correction procedures: recommend procedures for rejection, correction and resubmission of erroneous or wrong data.
- Implementation challenges: identify the practical problems faced by Regulated Entities and CICs — onboarding, data-submission frequency, reconciliation and reporting.
- Open mandate: any other matter relating to collection and dissemination of credit information that IFSCA assigns from time to time.
Old vs new
Who is affected
- The four CICs (CRIF, Equifax, Experian, TransUnion CIBIL) — they now have a formal seat at the table and a rotating convenor role.
- Banks with IFSC Banking Units and finance companies registered with IFSCA — the entities that will report credit data under whatever formats the TWG recommends.
- Fintechs and lenders planning GIFT IFSC operations — standardised formats and clearer correction procedures lower the compliance guesswork for new entrants.
What to do next
- IFSC banks and finance companies: track the TWG's recommendations on reporting formats — they will shape your future credit-data submissions.
- CICs and data furnishers: engage with the convenor (CRIF for FY 2026-27) on the data-correction and resubmission procedures under discussion.
- Everyone watching GIFT IFSC: the TWG's outputs will land as IFSCA directions or guidance in due course — this press release is the starting gun, not the finish line.
FAQs
Q: What is the IFSCA Technical Working Group on CICs?
A standing expert body constituted by IFSCA on 12 October 2026 to examine technical, operational, legal and regulatory issues relating to Credit Information Companies in GIFT IFSC, and to recommend measures for a globally aligned credit information ecosystem.
Q: Who are the members?
Nine members: one representative from each of the four CICs (CRIF, Equifax, Experian, TransUnion CIBIL), two from IFSC banks (Bank of India and Standard Chartered IBUs), two from IFSC finance companies (India Exim Finserve IFSC and Credlix IFSC), plus an IFSCA officer as observer.
Q: Who convenes the group?
The four CICs rotate as convenor each calendar year in alphabetical order. CRIF — represented by Mr. Rajendra Dhome, Assistant Vice President — is the Member and Convenor for FY 2026-27.
Q: What will the TWG recommend?
Standardised data-reporting formats for credit institutions in IFSC, procedures for rejection/correction/resubmission of wrong data, and solutions to implementation challenges like onboarding, submission frequency, reconciliation and reporting.
Q: Does this change any law or regulation today?
No. The press release constitutes the working group and sets its terms of reference — its recommendations will feed into future IFSCA directions or guidance.
Sources
- IFSCA Press Release — "Formation of IFSCA Technical Working Group on CIC", Gandhinagar, 12 October 2026 (official PDF) — Download PDF
- IFSCA Press Releases listing — "Press Release on Formation of Technical Working Group on CICs in IFSC", dated 12/10/2026
