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RBI releases Draft rules on Credit Info....Act for feedback

Written by: Staff

Mumbai, Apr 5 (UNI) Reserve Bank of India (RBI) today released the draft rules and regulations under the Credit Information Companies (Regulation) Act, 2005, seeking a feedback.

The Apex bank has asked for comments and views to be sent to the chief general manager-in-charge, Department of Banking Operations and Development, at the World Trade Centre in South Mumbai on or before April 15, an official release today said.

The Credit Information Companies (Regulation) Act, 2005, was passed in May last year and notified in the Gazette of India on June 23, 2005. The Act was passed with a view to regulate credit information companies and to facilitate efficient distribution of credit and for matters concerned or incidental to it.

The Act required rules and regulation to be notified. While the Central government was empowered to make the rules, RBI was empowered to make the regulations to carry out the purposes of the Act. Accordingly, the Central bank prepared the regulations for implementation and has placed them on the website seeking feedback.

Summary of draft rules and regulations safeguards the rights to aproach the appelate authority in case of rejected or cancelled registrations.

The rules say that a company should formulate appropriate policy and procedure approved by its board of directors, specifying the steps and security safeguards.

Further, the company should ensure that the credit information is accurate and complete with reference to the date on which such information is furnished.

It also specified that user should verify the accuracy and completeness of data received from a company and protect it from unauthorised access.

The company or user should adopt procedures to ensure that employees maintain secrecy concerning credit information to which they have access.

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