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      Question

      What is the role of the Credit Information Companies

      (CICs) in India?
      A To provide loans to individuals and businesses Correct Answer Incorrect Answer
      B To collect credit information about individuals and businesses and maintain a credit score database Correct Answer Incorrect Answer
      C To publish credit scores of individuals on the government portal Correct Answer Incorrect Answer
      D Collecting credit information with respect to bankruptcy and insolvency Correct Answer Incorrect Answer
      E None of the above Correct Answer Incorrect Answer

      Solution

      The Credit Information Companies (CICs) in India are responsible for collecting credit information about individuals and businesses and maintaining a credit score database. This information is used by banks and other financial institutions to assess the creditworthiness of borrowers before extending loans or credit. Therefore, option B is correct.

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