Credit Information Companies (Regulation) Act, 2005
On 26th June, 2023, the Reserve Bank of India (RBI) imposed a monetary penalty of about Rs.25 lakh each on the four credit information companies currently operating in the country for non-compliance with certain provisions of the Credit Information Companies/CICs (Regulation) Act, 2005, read with the CIC Rules, 2006.
Credit Information Companies (CIC)
- Also called credit bureaus, these are independent third party institution registered under the Companies Act, 1956.
- These are granted registration under the Credit Information Companies Act (CIC) Act, 2005.
- Main functions include collecting, process and collating financial information with regard to the loans, credits cards, bank accounts of ....
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