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Credit Information Companies (Regulation) Act, 2005 Chapter III

Title: Management of Credit Information Companies

State: Central

Year: 2005

.....the business or affairs of the credit information company as the Reserve Bank may consider necessary or expedient to obtain for the purpose of this Act. Section 12 - Inspection of Credit Information Company, Credit Institution and Specified User (1)Notwithstanding anything to the contrary contained in section 235 of theCompanies Act, 1956, the Reserve Bank, at any time, may and on being directed soto do by the Central Government shall, cause an inspection to be made, by one ormore of its officers or through such other persons or agency as the Reserve Bankmay determine, of any credit information company or credit institution orspecified user and their books and accounts; and the Reserve Bank shall supplyto the credit information company or credit institution or specified user, asthe case may be, a copy of its report on such inspection. (2)It shall be the duty of every director or other officer or employee of thecredit information company, credit institution and specified user to produce toany officer or person or agency, as the case may be, making an inspection undersub-section (1) all such books, accounts and other documents in his custody orpower and to furnish him with.....

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Credit Information Companies (Regulation) Act, 2005 Chapter VI

Title: Information Privacy Principles and Furnishing of Credit Information

State: Central

Year: 2005

.....information obtained by such institution from the credit information company. (2) Every credit institution shall, on receipt of request under sub-section (1), furnish to the person referred to in that sub-section a copy of the credit information subject to payment of such charges, as may be specified by regulations, by the Reserve Bank in this regard. (3) If a credit information company or specified user or credit institution in possession or control of the credit information, has not updated the information maintained by it, a borrower or client may request all or any of them to update the information; whether by making an appropriate correction, or addition or otherwise, and on such request the credit information company or the specified user or the credit institution, as the case may be, shall take appropriate steps to update the credit information within thirty days after being requested to do so: Provided that the credit information company and the specified user shall make the correction, deletion or addition in the credit information only after such correction, deletion or addition has been certified as correct by the concerned credit institution: Provided further.....

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Credit Information Companies (Regulation) Act, 2005 Chapter II

Title: Registration of Credit Information Companies

State: Central

Year: 2005

.....to the available business of credit information, the potential and scope for expansion of existing credit information companies and other relevant factors, determine the total number of the credit information companies which may be granted the certificates of registration for carrying on the business of credit information: Provided that the total number of such credit information companies so determined may, on being satisfied by the Reserve Bank, that there is change in available business of credit information, potential and scope for expansion of existing credit information companies and other relevant factors relating thereto, be reviewed by the Reserve Bank. Section 6 - Power 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,-- (i) ceases to carry on the business of credit information; or (ii) has failed to comply with any of the conditions subject to which the certificate of registration has been granted to it; or (iii) at any time fails to fulfil any of the conditions referred to in sub-clauses (a) to (c).....

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Credit Information Companies (Regulation) Act, 2005 Section 14

Title: Functions of a Credit Information Company

State: Central

Year: 2005

.....in any form of business other than those referred to in sub-section (1). (3) Any credit information company for the purposes of carrying on the business of credit information may-- (a) register credit institutions and other credit information companies, at their option as its member, subject to such terms and conditions as may be pre-determined and disclosed by such credit information company; (b) charge such reasonable amount of fees, as it may deem appropriate not exceeding the maximum fee, as may be specified under section 27, for furnishing credit information to a specified user; (c) generally to do all such other acts and perform such other functions as are necessary to facilitate proper conduct of its affairs, business and functions in accordance with the provisions of this Act.

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Credit Information Companies (Regulation) Act, 2005 Section 15

Title: Credit Institution to Be Member of a Credit Information Company

State: Central

Year: 2005

.....is satisfied that the appellant was prevented by sufficient cause from filing the appeal within the said period, allow it to be filed within a further period not exceeding thirty days. (6) On receipt of an appeal under sub-section (5), the Reserve Bank, after giving the appellant and other concerned parties, an opportunity of being heard, pass such order as it deems fit. (7) The decision of the Reserve Bank where an appeal has been preferred to it under sub-section (5) shall be final and the order of the credit information company under sub-section (4) shall be final after the expiry of the said period of thirty days where no appeal has been preferred under that sub-section to the Reserve Bank. (8) Every specified user shall be entitled to obtain credit information for its use from the credit information company of which such specified user is a member.

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Credit Information Companies (Regulation) Act, 2005 Section 21

Title: Alteration of Credit Information Files and Credit Reports

State: Central

Year: 2005

.....information obtained by such institution from the credit information company. (2) Every credit institution shall, on receipt of request under sub-section (1), furnish to the person referred to in that sub-section a copy of the credit information subject to payment of such charges, as may be specified by regulations, by the Reserve Bank in this regard. (3) If a credit information company or specified user or credit institution in possession or control of the credit information, has not updated the information maintained by it, a borrower or client may request all or any of them to update the information; whether by making an appropriate correction, or addition or otherwise, and on such request the credit information company or the specified user or the credit institution, as the case may be, shall take appropriate steps to update the credit information within thirty days after being requested to do so: Provided that the credit information company and the specified user shall make the correction, deletion or addition in the credit information only after such correction, deletion or addition has been certified as correct by the concerned credit institution: Provided further.....

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Deposit Insurance and Credit Guarantee Corporation Act, 1961 Section 21A

Title: Guaranteeing of Credit Facilities and Indemnifying Credit Institutions

State: Central

Year: 1961

(1) The Corporation may guarantee credit facilities given by any credit institution and may also indemnify credit institutions in respect of credit facilities granted by them. (2) The Board may, for the purpose of guaranteeing credit facilities granted by credit institutions or indemnifying credit institutions, frame one or more schemes in such form and in such manner and containing such provisions as the Board may, from time to time, deem fit. (3) The Board may levy, on every credit institution availing itself of the guarantees or indemnities provided by the Corporation, a fee at such rate or rates as may, with the previous approval of the Reserve Bank, be notified by the Corporation to the credit institution from time to time and different rates may be notified for different categories of credit institutions, for different types of credit facilities, for different areas where the credit facilities are utilised, or for different categories of beneficiaries of the credit facilities. Explanation.-- "Credit facility" means any financial assistance, including a loan or advance, cash credit, overdraft, bills purchased or discounted, a term of instalment credit and any guarantee

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Credit Information Companies (Regulation) Act, 2005 Section 9

Title: Management of Credit Information Company

State: Central

Year: 2005

.....directions to the Administrator as it may deemappropriate and the Administrator shall be bound to follow such directions. (8)Upon making of the order under sub-section (5), superseding the board ofa credit information company-- (a)the chairperson, managingdirector and other directors of such credit information company shall, as fromthe date of supersession, vacate their offices as such; (b)all the powers, functions andduties which may, by or under the provisions of the Companies Act, 1956 or thisAct or any other law for the time being in force, be exercised or discharged, byor on behalf of the board of such credit information company, or by a resolutionpassed in general meeting of that company, shall, until the reconstitution ofits board under sub-section (10), be exercised and discharged by the Administrator appointed bythe Reserve Bank under sub-section (6): Providedthat the powers exercised by the Administrator shall be valid notwithstandingthat such powers are exercisable by a resolution passed in the general meetingof such credit information company. (9)The salary and allowances payable to the Administrator and staffassisting the Administrator shall be borne by.....

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Credit Information Companies (Regulation) Act, 2005 Section 17

Title: Collection and Furnishing of Credit Information

State: Central

Year: 2005

.....information company shall, on receipt of notice under sub-section (1), provide credit information to the credit information company of which it is a member, within such period as may be specified in the notice. (3) Every credit information company shall provide for such purpose, as may be specified by regulations, the credit information received under sub-section (2), to its specified user on receipt of request from him in accordance with the provisions of this Act and directions issued thereunder by the Reserve Bank from time to time in this behalf. (4) No credit information received under this Act,--- (a) by the credit information company, shall be disclosed to any person other than its specified user; or (b) by the specified user, shall be disclosed to any other person; (c) by the credit information company or specified user, shall be disclosed for any other purpose than as permitted or required by any other law for the time being in force.

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Credit Information Companies (Regulation) Act, 2005 Complete Act

Title: Credit Information Companies (Regulation) Act, 2005

State: Central

Year: 2005

.....of Offences Section25 - Power of Reserve Bank to Impose Penalty Section26 - Application of Fines Chapter VIII Section27 - Power of Reserve Bank to Specify Maximum Amount of Fees Section28 - Disclosure of Information Before any Court or Tribunal or Authority Section29 - Obligations as to Fidelity and Secrecy Section30 - Protection of Action Taken in Good Faith Section31 - Bar of Jurisdiction Section32 - Power of Reserve Bank to Exempt in Certain Cases Section33 - Application of Other Laws not Barred Section34 - Amendment of Certain Enactments Section35 - Removal of Difficulties Section36 - Power to make rules Section37 - Power of Reserve Bank to Make Regulations ScheduleI - THE SCHEDULE

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