(Last Updated On: January 6, 2022)

These standards set out the requirements for businesses to meet the requirements of certain CIC users in accordance with the 2021 Credit Reporting Company Rules (Amendment).

On Wednesday, the central bank announced the appropriate standards for businesses classified as specific users of business credit information (CIC).

These models set the rules for businesses to meet the requirements of certain CIC users under the Financial Institutions (Amendment) Regulations in 2021, RBI said.

User must be a corporate partner in India or a legitimate organization affiliated with that country.

“The legal administration of a legal person or real estate must, in certain cases, authorize the activity / exploitation of information processing for promotional or monetary purposes of the bank”, he said. He specifies.

rbi reveal criteria

In addition, the company must have a minimum debt of Rs 2 crore based on its recent valuations and must meet this requirement. As a matter of principle, “the members of society must be properly distributed”.

In addition, if a legitimate business is a business, it must have at least 3 years of experience in business / operational information for bank promotion or gain, and must have clear information.

In addition, the Company, its sponsors and its directors cannot be held responsible for any criminal act involving fraud or financial misconduct.

In addition, companies must be certified by CISA certified auditors that they have robust and secure information technology (IT) systems to store and protect information-related credit information.

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