Credit Information Companies (Regulation) Act, 2005

On 26th June, 2023, the Reserve Bank of India (RBI) imposed a monetary penalty of about Rs.25 lakh each on the four credit information companies currently operating in the country for non-compliance with certain provisions of the Credit Information Companies/CICs (Regulation) Act, 2005, read with the CIC Rules, 2006.

Credit Information Companies (CIC)

  • Also called credit bureaus, these are independent third party institution registered under the Companies Act, 1956.
  • These are granted registration under the Credit Information Companies Act (CIC) Act, 2005.
  • Main functions include collecting, process and collating financial information with regard to the loans, credits cards, bank accounts of ....
Do You Want to Read More?
Subscribe Now
To get access to detailed content

Already a Member? Login here

Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material since 2018 of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Be an Annual Subscriber

Economy Watch