The Reserve Bank today asked cooperative banks to provide data on their loans to credit information companies.

"It is advised that (cooperative) banks, which have become members of the credit information companies, to provide them the current data... to the credit information company," the RBI said in a statement here.

Such banks may also provide historical data in order to enable the credit information companies to validate their software and develop a robust database.

Credit information companies update the financial institutions on various aspects of borrowers.

Currently, three firms are operating in this space: the Credit Information Bureau, Experian Credit Information Company of India Private Ltd and Equifax Credit Information Services Ltd.

As per law, every credit institution has to become member of at least one credit information company.