SectionsParticulars
1Preamble
An Act to provide for regulation of credit information companies and to facilitate efficient distribution of credit and for matters connected therewith or inc...
Chapter IPreliminary
1Short title, extent and commencement
1.     This Act may be called the Credit Information Companies (Regulation) Act, 2005.2.     It extends to the whole of India.3.     It shall come into fo...
2Definitions
In this Act, unless the context otherwise requires,- a.     "board" means the Board of directors of a credit information company; b.    "borrower" means an...
Chapter IIRegistration of Credit Information Companies
3Prohibition to commence or carry on business of credit information
3. Prohibition to commence or carry on business of credit information.-Save as otherwise provided in this Act, no company shall commence or carry on the busin...
4Application for registration
4. Application for registration.-1.     Every company which intends to commence the business of credit information shall make an application for registratio...
5Grant of certificate of registration
5. Grant of certificate of registration.-1.     The Reserve Bank may, for the purpose of considering the application of a company for grant of a certificate...
6Power of Reserve Bank to cancel certificate of registration
1.     The Reserve Bank may cancel a certificate of registration granted to a credit information company under sub-section (2) of section 5 if such company,-...
7Appeal against order of Reserve Bank
7. Appeal against order of Reserve Bank.-1.     A credit information company aggrieved by the order of rejection of an application for grant of certificate ...
8Requirement as to minimum capital
8. Requirement as to minimum capital.-1.     The authorised capital of every credit information company shall be a minimum of thirty crores: Provided that t...
Chapter IIIManagement of Credit Information Companies
9Management of credit information company
: 9. Management of credit information company.-1.     Notwithstanding anything contained in any law for the time being in force, or in any contract to the ...
10Power of Reserve Bank to determine policy
10. Power of Reserve Bank to determine policy.-Where the Reserve Bank is satisfied that it is necessary or expedient in the public interest or in the interes...
11Power of Reserve Bank to give directions
11. Power of Reserve Bank to give directions.-1.     Where the Reserve Bank is satisfied that,-a.     in the public interest; orb.    in the interest of ...
12Inspection of credit information company, credit institution and specified user
1.     Notwithstanding anything to the contrary contained in section 235 of the Companies Act, 1956 (1 of 1956), the Reserve Bank, at any time, may and on be...
Chapter IVAuditors
13Powers and duties of auditors
1.     It shall be the duty of an auditor of a credit information company to inquire whether or not the credit information company has furnished to the Reser...
Chapter VFunctions of Credit Information Companies
14Functions of a credit information company
1.     A credit information company may engage in any one or more of the following forms of business, namely:- a.     to collect, process and collate inform...
15Credit Institution to be member of a credit information company
15. Credit Institution to be member of a credit information company.-1.     Every credit institution in existence on the commencement of this Act, before the...
16Failure to become a member of a credit information company
16. Failure to become a member of a credit information company.-1.     Where a credit institution- a.     abstains from becoming a member of at least one c...
17Collection and furnishing of credit information
17. Collection and furnishing of credit information.-1.     A credit information company or any person authorised in that behalf by the company may, by noti...
18Settlement of dispute
18. Settlement of dispute.-1.     Notwithstanding anything contained in any law for the time being in force, if any dispute arises amongst, credit informati...
Chapter VIInformation Privacy Principles and Furnishing of Credit Information
19Accuracy and security of credit information
19. Accuracy and security of credit information.-A credit information company or credit institution or specified user, as the case may be, in possession or co...
20Privacy principles
Every credit information company, credit institution and specified user, shall adopt the following privacy principles in relation to collection, processing, c...
21Alteration of credit information files and credit reports
21. Alteration of credit information files and credit reports.-1.     Any person, who applies for grant or sanction of credit facility, from any credit inst...
22Unauthorised access to credit information
22. Unauthorised access to credit information.-1.     No person shall have access to credit information in the possession or control of a credit information...
Chapter VIIOffences and Penalties
23Offences and penalties
23. Offences and penalties.-1.     Whoever, in any return or other document or in any information required or furnished by, or under, or for the purposes of...
24Cognizance of offences
24. Cognizance of offences.-1.     No court shall take cognizance of any offence committed by a member of a credit information company and punishable under ...
25Power of Reserve Bank to impose penalty
25. Power of Reserve Bank to impose penalty.-1.     Notwithstanding anything contained in section 23, if a contravention or default of the nature referred t...
26Application of fines
A court imposing any fine under this Act may direct that the whole or any part thereof shall be applied in or towards payment of the costs of the proceedings,...
Chapter VIIIMiscellaneous
27Power of Reserve Bank to specify maximum amount of fees
27. Power of Reserve Bank to specify maximum amount of fees.-The Reserve Bank may, specify, by regulations the maximum amount of fees leviable under sub-secti...
28Disclosure of information before any court or tribunal or authority
28. Disclosure of information before any court or tribunal or authority.-No chairperson, director, member, auditor, adviser, officer or other employee or agen...
29Obligations as to fidelity and secrecy
29. Obligations as to fidelity and secrecy.-1.     Every credit information company shall observe, except as otherwise required by law, the practices and us...
30Protection of action taken in good faith
30. Protection of action taken in good faith.-1.     No suit or other legal proceedings or prosecution shall lie against the Reserve Bank or the Central Gov...
31Bar of jurisdiction
31. Bar of jurisdiction.-No court or authority shall have, or be entitled to exercise, any jurisdiction, powers or authority, except the Supreme Court and a ...
32Power of Reserve Bank to exempt in certain cases
1.     The Central Government may, on the recommendation of the Reserve Bank, by notification in the Official Gazette, direct that any or all of the provisio...
33Application of other laws not barred
33. Application of other laws not barred.-The provisions of this Act shall be in addition to, and not, save as provided under this Act, in derogation of, the...
34Amendment of certain enactments
The enactments mentioned in the Schedule to this Act shall be amended in the manner specified therein. ...
35Removal of difficulties
-1.     If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order published in the Official Gazette, make...
36Power to make rules
36. Power to make rules.-1.     The Central Government may, after consultation with the Reserve Bank, by notification in the Official Gazette, make rules to...
37Power of Reserve Bank to make regulations
37. Power of Reserve Bank to make regulations.-1.     The Reserve Bank may make regulations consistent with the provisions of this Act and the rules made th...
PartsAmendments to Certain Enactments
Part IReserve Bank of India Act, 1934
Section 45E, sub-section (2), after clause (c), insert- "(d) the disclosures of any credit information under the Credit Information Companies (Regulation) Act...
Part IIThe Banking Regulation Act, 1949
1. Section 19, after sub-section (3), insert-"(4) Save as provided in clause (c) of sub-section (1), a banking company may form a subsidiary company to carry o...
Part IIIThe State Financial Corporation Act, 1951
Section 40, after sub-section (3), insert-"(4) Nothing contained in this section shall apply to the credit information disclosed under the Credit Information ...
Part IVThe State Bank of India Act, 1955
Section 40, after sub-section (3), insert-"(4) Nothing contained in this section shall apply to the credit information disclosed under the Credit Information...
Part VThe State Bank of India (Subsidiary Banks) Act, 1959
Section 52, after sub-section (2), insert-"(3) Nothing contained in this section shall apply to the credit information disclosed under the Credit Information ...
Part VIThe Deposit Insurance and Credit Guarantee Corporation Act, 1961
The Deposit Insurance and Credit Guarantee Corporation Act, 1961...
Part VIIThe State Agricultural Credit Corporations Act, 1968
Section 39, after sub-section (2), insert-"(3) Nothing contained in this section shall apply to the credit information disclosed under the Credit Information C...
Part VIIIThe Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970
Section 13, after sub-section (3), insert-"(4) Nothing contained in this section shall apply to the credit information disclosed under the Credit Information...
Part IXThe Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980
Section 13, after sub-section (3), insert-"(4) Nothing contained in this section shall apply to the credit information disclosed under the Credit Information ...
Part XThe Export-Import Bank of India Act, 1981
Section 30, after sub-section (3), insert-"(4) Nothing contained in this section shall apply to the credit information disclosed under the Credit Information...
Part XIThe National Bank for Agriculture and Rural Development Act, 1981
Section 51, after sub-section (2), insert-"(3) Nothing contained in this section shall apply to the credit information disclosed under the Credit Information...
Part XIIThe Public Financial Institutions (Obligation as to Fidelity and Secrecy) Act, 1983
Section 3, after sub-section (2), insert-"(3) Nothing contained in this section shall apply to the credit information disclosed under the Credit Information Co...
Part XIIIThe National Housing Bank Act, 1987
Section 44, after sub-section (2), insert-"(3) Nothing contained in this section shall apply to the credit information disclosed under the Credit Information ...
Part XIVThe Regional Rural Banks Act, 1976
Section 25, after sub-section (2), insert-"(3) Nothing contained in this section shall apply to the credit information disclosed under the Credit Information ...
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