Press Enter

Share with your friends and help them crack UPSC!

Or Share on


Correct Option is 3 years

Solution:Reserve Bank of India (RBI) has released eligibility norms for entities tapping into data from credit information companies (CICs) under clause (j) of Regulation 3 of the CICs (Amendment) Regulations, 2021.
A ‘specified user’ should be a company incorporated in India or a Statutory Corporation established in India.
In case the entity is a company, it should have not less than 3 years of experience in running the business/activity of processing information for the support or benefit of credit institutions and shall have a clean track record.
The company should have a net worth of not less than Rs 2 crore as per the latest audited balance sheet and should meet the requirement on a continuing basis.
Currently, there are 4 Credit Information Companies (CICs) — Credit Information Bureau (India) Ltd (CIBIL), Equifax Credit Information Services Pvt Ltd, Experian Credit Information Company of India Pvt Ltd and CRIF High Mark Credit Information Services Pvt Ltd.

Get access to all of our verified questions