RBI releases eligibility standards for ‘specified customers’ of CICs

The Reserve Bank on Wednesday released the eligibility standards for entities to be categorized as ‘Specified User’ of Credit ranking Info Companies (CICs).

The criteria sets out the requirements for the entities to become eligible as Specified User of CIC below the Credit ranking Info Companies (Amendment) Regulations, 2021, RBI acknowledged in a unlock.

As per the requirements, a ‘specified user’ must be a company incorporated in India or a statutory corporation established within the nation.

“The governing statute of the Statutory Corporation or Memorandum of Association of the Company, as the case would possibly well be, would possibly well perchance well must enable the industrial/notify of processing of data for the toughen or income of credit institutions,” it acknowledged.

Furthermore, the corporate would possibly well perchance well must have a catch worth of now not decrease than Rs 2 crore as per the most well-liked audited balance sheet, and would possibly well perchance well must satisfy the requirement on a continuous basis.

“The possession of the corporate will be successfully diverse,” as per the eligibility standards.

Further, in case the entity is a company, it will haven’t decrease than three years of trip in running the industrial/notify of processing data for the toughen or income of credit institutions and shall have a lovely note document.

Furthermore, the corporate, its promoter(s) and director(s) ought to now not ever were convicted of any offence appealing honest correct turpitude or any financial offence.

Besides, the entity would possibly well perchance well must have a certification from CISA certified auditor that it has a tough and steady data technology (IT) system in arena for preserving and retaining the info relating to the credit data.

(Easiest the headline and image of this yelp would possibly well perchance were reworked by the Industry Traditional team; the the leisure of the declare material is auto-generated from a syndicated feed.)

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