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The Credit Information Companies (Regulation) Act, 2005.

Central

An Act to provide for regulation of credit information companies and to facilitate efficient distribution of credit and for matters connected therewith or incidental thereto.

Act number
30 of 2005
Ministry
Ministry of Finance
Department
Department of Financial Services
Enacted
23 Jun 2005

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

38 sections

  1. Section 1Short title, extent and commencement.
  2. Section 2Definitions.
  3. Section 3Prohibition to commence or carry on business of credit information.
  4. Section 4Application for registration.
  5. Section 5Grant of certificate of registration.
  6. Section 6Power of Reserve Bank to cancel certificate of registration.
  7. Section 7Appeal against order of Reserve Bank.
  8. Section 8Requirement as to minimum capital.
  9. Section 9Management of credit information company.
  10. Section 10Power of Reserve Bank to determine policy.
  11. Section 11Power of Reserve Bank to give directions.
  12. Section 12Inspection of credit information company, credit institution and specified user.
  13. Section 13Powers and duties of auditors.
  14. Section 14Functions of a credit information company.
  15. Section 15Credit institution to be member of a credit information company.
  16. Section 16Failure to become a member of a credit information company.
  17. Section 17Collection and furnishing of credit information.
  18. Section 18Settlement of dispute.
  19. Section 19Accuracy and security of credit information.
  20. Section 20Privacy principles.
  21. Section 21Alteration of credit information files and credit reports.
  22. Section 22Unauthorised access to credit information.
  23. Section 23Offences and penalties.
  24. Section 24Cognizance of offences.
  25. Section 25Power of Reserve Bank to impose penalty.
  26. Section 26Application of fines.
  27. Section 27Power of Reserve Bank to specify maximum amount of fees.
  28. Section 28Disclosure of information before any court or tribunal or authority.
  29. Section 29Obligations as to fidelity and secrecy.
  30. Section 30Protection of action taken in good faith.
  31. Section 31Bar of jurisdiction.
  32. Section 32Power of Reserve Bank to exempt in certain cases.
  33. Section 33Application of other laws not barred.
  34. Section 33APowers of Reserve Bank not to apply to International Financial Services Centre.
  35. Section 34Amendment of certain enactments.
  36. Section 35Removal of difficulties.
  37. Section 36Power to make rules.
  38. Section 37Power of Reserve Bank to make regulations THE SCHEDULE.