Question
Under Section 22 of the Credit Information Companies (Regulation) Act, 2005, what is the penalty for a credit information company or credit institution wilfully providing false credit information knowing it to be false?
Solution
Section 22(3) of the Credit Information Companies (Regulation) Act, 2005 provides that any credit information company, credit institution, or specified user that wilfully provides false credit information knowing it to be false, or wilfully omits to make a material statement, shall be punishable with fine which may extend to ₹1 crore. Additionally, Section 22(1) prohibits any unauthorised access to credit information held by a credit information company, credit institution, or specified user. The CICR Act is administered by the RBI, which also has the power to regulate, supervise and inspect credit information companies.
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