Which Indian institution is vested with powers under the Credit Information Companies (Regulation) Act of 2005?
Which Indian institution is vested with powers under the Credit Information Companies (Regulation) Act of 2005?
The Credit Information Companies (Regulation) Act of 2005 designates the Reserve Bank of India (RBI) with the authority to regulate credit information companies in India. The RBI is responsible for granting certificates of registration, conducting inspections, and has the power to cancel these certificates, thereby holding regulatory power as outlined in the Act.
Credit Information Companies (Regulation) Act 2005 —In this Act (j) “regulations” means regulations made by the Reserve Bank under this Act; REGISTRATION OF CREDIT INFORMATION COMPANIES 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 business of credit information without obtaining a certificate of registration from the Reserve Bank under this Act. 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 of registration to commence or carry on the business of credit information, require to be satisfied, by an inspection of records or books of such company 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