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......................................................................................................................... Description • The Credit Information Companies Rules, 2006 • The Credit Information Companies Regulation, 2006 Contents The Credit Information Companies (Regulation) Act, 2005 Chapter I - Preliminary 1. Short title, extent and commencement 2. Definitions Chapter II - Registration of Credit Information Companies 3. Prohibition to commerce or carry on business of credit information 4. Application for registration 5. Grant of certificate of registration 6. Power of Reserve Bank to cancel certificate of registration 7. Appeal against order of Reserve Bank 8. Requirement as to minimum capital Chapter III - Management of Credit Information Companies 9. Management of credit information company 10. Power of Reserve Bank to determine policy 11. Power of Reserve Bank to give directions 12. Inspection of credit information company, credit institution and specified user Chapter IV - Auditors 13. Powers and duties of auditors Chapter V - Functions of Credit Information Companies 14. Functions of a credit information company 15. Credit Institution to be member of a credit information company 16. Failure to become a member of a credit information company 17. Collection and furnishing of credit information 18. Settlement of dispute Chapter VI - Information Privacy Principles and Furnishing of Credit Information 19. Accuracy and security of credit information 20. Privacy principles 21. Alteration of credit information files and credit reports 22. Unauthorized access to credit information Chapter VII - Offenses and Penalties 23. Offenses and penalties 24. Cognizance of offenses 25. Power of Reserve Bank to impose penalty 26. Application of fines Chapter VIII - Miscellaneous 27. Power of Reserve Bank to specify maximum amount of fees 28. Disclosure of information before any court or tribunal or authority 29. Obligations as to fidelity and secrecy 30. Protection of action taken in good faith 31. Bar of Jurisdiction 32. Power of Reserve Bank to exempt in certain cases 33. Application of other laws not barred 34. Amendment of certain enactment 35. Removal of difficulties 36. Power to make rules 37. Power of Reserve Bank to make regulations The Schedule - Amendments to certain Enactment The Credit Information Companies Rules, 2006 Chapter I - Preliminary Rule 1 - 2 Chapter II - Appeal Rule 3 - 17 Chapter III - Steps and Security Safeguards to be taken by Credit Institutions for Ensuring Accuracy, Completeness and Protection of Data Rule 18-23 Chapter IV - Steps and Security Safeguards to be taken by Credit Information Companies and Specified Used for Ensuring Accuracy, completeness and Protection of Data Rule 24-27 Chapter V - Prohibition from Unauthorised Access or use or Disclosure Rule 28 Chapter VI - Fidelity and Secrecy Rule 29 Schedule Form I -III The Credit Information Companies Regulations, 2006 Chapter I - Preliminary Reg. 1 - 2 Chapter II - Specified Users Reg. 3 Chapter III - Registration of Companies as Credit Information Companies Reg. 4 - 5 Chapter IV - Business of Credit Information Companies Reg. 6 Chapter V - Collection, Furnishing of Credit Information and Purpose thereof Reg. 7 - 9 Chapter VI - Privacy Principles Reg. 10 -11 Chapter VII - Maximum Amount of Fees Reg. 12. Form A - C .........................................................................................................................
