New Enroll in RBI Grade B New Batch - Starts on May 21

    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.

    Practice Next