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.
The RBI will soon issue new 10 rupees note which will bear the image of:
Which company was fined ₹10.40 lakh by the RBI for violations including failing to form IT committees and improper interest rate disclosures?
BrahMos Aerospace was formed as a joint venture between Defence Research and Development Organisation (DRDO) of India and which other country?
Which of the following country does not have Euro as their currency?
Practice of buying or selling of a security by someone who has access to material nonpublic information about the security is known as___________
What is the percentage increase in forest cover in India from 2019 to 2021, as reported by the Forest Survey of India 2021?
Which river is known as the 'Lifeline of Egypt'?
How many players play in a team of Water polo?
Which Indian mobile phone brand has become the first one to launch 5G smartphones for its domestic customers?
The Constituent Assembly, following the partition of India in 1947, consisted of how many members as on 31st December 1947?