Question
The Reserve Bank of India (RBI) has released norms for
entities that harness data from credit information companies (CICs) or credit bureaus. As per the eligibility criteria for entities to be highlighted as Specified Users, what is a requirement of minimum years of experience to execute the business or activity of processing information?Solution
The Reserve Bank of India (RBI) has released norms for entities that harness data from credit information companies (CICs) or credit bureaus in January 2022. It includes eligibility criteria and other allied norms. As per the norms, a company’s net worth must be at least Rs 2 crore and it must be owned and controlled by an Indian resident, then only he/she is applying to become a designated user with a credit bureau. This has come amid accusations of lending applications with Chinese ties functioning in India. The company should have at least three years of experience to execute the business or activity of processing information for the support or benefit of credit institutions and must have a proper track record in the same. Section 2 of the Act defines specified user as (l) “specified user” means any credit institution, credit information company being a member under sub-section (3) of section 15, and includes such other person or institution as may be specified by regulations made, from time to time, by the Reserve Bank for the purpose of obtaining credit information from a credit information company.
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