The Reserve Bank of India on 10th November 2021 has notified the Credit Information Companies (Amendment) Regulations, 2021 to further amend the Credit Information Companies Regulations, 2006.
As per regulation 3, Certain companies are notified and termed as “specified users” under the Credit Information Companies (Regulation) Act,2005 namely:
(a) an insurance company as defined under the Insurance Act 1938 and registered with Insurance Regulatory and Development Authority;
(b) a company providing cellular/phone services and registered with Telecom Regulatory Authority of India;
(c) a rating agency registered with Securities and Exchange Board of India.
(d) a broker registered with Securities and Exchange Board of India;
(e) a trading member registered with a recognized Commodity Exchange;
(f) Securities Exchange Board of India; and
(g) Insurance Regulatory and Development Authority.
However through this amendment the following shall be inserted as Clause (j):
An entity engaged in the processing of information, for the support or benefit of credit institutions, and satisfying the criteria laid down by the Reserve Bank from time to time.
