Credit Information Companies Act… Bare Act

The source publishes this enactment as a single document rather than provision by provision, so the whole text is below and there are no per-section pages for it. Nothing has been shortened.

Type	Notification
Year	2005
Jurisdiction	Central
Ministry	Ministry of Finance
Status	In force as published by the source
Text	Published as one document, as the source published it
Subjects	corporate, financial

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30. y m ^ ^ ^ ^ s ^ f ^ ^ ^ r l ^ ^ ^ 32 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)| TOP'S (PwM 29 * l <wft<m (3) ̂ faty mfm, *MI5W 3TfeRt, +*f^lfl ̂ ?T3lPRJ(lf ̂ T R ^ a ^ q ^ P&H\<b, W t e , ^ fa $ (3c*TC t̂ ER» *IH<Wtt W i t *FT "TO S*& TMW ri+4M MWI+1 wfcra t, % "*refa?r -RTHcTt % M r w t ?n M t «IH+l(J 3>t 3̂ T Wfr ^ ^ # 3RT J!lm1^ M|H+|(I # 3MST, ! H ^ I + , W t o , TOJ^t, 3^3^ # f f rfti *n?T rfti fe ^ ^ # ^H+l-G eifa> 3TfeR Sfa "̂T H«r 3tffaW *t T̂ (3c*TC faTOT *||*H>lA *FRt ^T "̂ R ) % ^ m i •^^Tl^lrr, *t M aHH+lfl *ft t^R WFZ 3̂ TT 3HcUW*TT 3̂ RT *t, ^TSRT: T̂ 3RR^RT: *Kjfad ^JTO ^ f 3^TT | $ ' M ^ d l ^ 3 ^ % ̂ f t 4MC^K1 aftr j i l 4H l^d l ^MW^^%^M^WT^TRT ifi%TORT#^Rt^tft lA fe f t # (Hri|4|ftN^«IH+lO+M-fl^r^R)sfttT?T^^t'3ftT ts^m MINISTRY OF FINANCE (Department of Economic Affairs) (BANKING DIVISION) NOTIFICATION New Delhi, the 14th December, 2006 G.S.R. 753(E).—|n exercise of the powers conferred by section 36 of the Credit Information Companies (Regulation)-Act, 2005, and after consultation with the Reserve Bank of India, the Central Government, hereby makes the following rules, namely: -

CHAPTER I PRELIMINARY

1. Short title and commencement. - (1) These rules may be called the Credit Information Companies Rules, 2006.

(2)They shall come into force on the date of their publication in the Official Gazette.

2. Definitions. - (1) In these rules, unless the context otherwise requires, -

(a) "access" with its grammatical variations and cognate variations means gaining entry into, instructing or communicating with logical, arithmetical or memory function resources of a computer, computer system or computer network including approach or communication or making use of data, information or credit information through any means, physical or otherwise..

(b) "Act" means the Credit Information Companies (Regulation) Act, 2005 (30 of 2005);

388901/200(^-5 « 34 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II Si-c 3(i)I

(c)"agent" means a person duly authorised by a company or a credit information company, as the case may be, to present an appeal or a written reply on its behalf, before the appellate authority;

(d)"appea!" means an appeal filed under sub-section(l) of section 7 of the Act;

(e)"appe!lant" means an applicant company or a credit information company, as the case may be, making an appeal to the appellate authority under sub-section (1) of section 7 of the Act;

(f) "appellate authority" means the Central Government, or such other authority or tribunal as may be designated subsequently by the Central Government as per sub-section (1) of section 7 of the Act;

(g)"data" in relation to a credit institution, or a credit information company, or a specified user means such facts which are collected by or furnished to them, in respect of a borrower or a client', as the case may be, and form part of the credit information relating to such borrower or client, which is maintained, disseminated and used by them in accordance with the provisions of the Act;

(h)"form" means the form appended to the Schedule to these rules;

(i) "information" means, collectively all data, and credit information or any part thereof, collected by or furnished to, a credit institution, or a credit information company, or a specified user, as the case may be, in accordance with the provisions of the Act;

(j) "rules" means the rules made under the Act;

(k) "section" means a section of the Act;

(2) Words and expressions used and not defined in these rules but defined in the Act or the Information Technology Act, 2000 ( 21 of 2000), shall have the same meanings respectively assigned to them in the said Acts.

[TFTil— T3P5 3(i)3 T̂RcT ^T JS^m : aTOTm^ ' 35

CHAPTER II APPEAL

3. Appellate authority.- The Central Government, or such other Authority or Tribunal as may be designated subsequently by the Central Government as per sub-section (1) of-section 7 of the Act shall be the Appellate Authority for the purpose of sub-section (1) of section 7 of the Act.

4. Form and procedure of appeal.- (1) An appeal as per the provisions of sub-section (1) of section 7 of the Act, shall be presented in Form 1 in duplicate by an aggrieved credit information company, or its agent or by a duly authorised legal practitioner, before the appellate authority or shall be sent by registered post addressed to such authority with acknowledgement duly addressed to the appellate authority or any other officer authorised in writing by the appellate authority to receive the same.

(2) An appeal sent by post under sub-rule (1) shall be deemed to have been presented to the appellate authority on the day on which it is received in the office of the appellate authority.

5. Sitting of appellate authority. - The appellate authority shall hold its sitting either at a place where its office is situated or at such other place as it may deem fit.

6. L anguage o f appellate authority. - T he proceedings of the appellate authority shall be conducted in English or Hindi and the appeal, application, or any other document submitted before the appellate authority, shall be in such language and in case any of such documents is in a different language, the translation thereof in English or Hindi shall be required to be produced.

7. Appeal to be in writing. - (1) Every appeal, application, reply, representation or any other document filed before the appellate authority shall be typewritten, cyclostyled or printed neatly §nd legibly on one side of the good quality paper in double space and separate sheets consecutively numbered shall be stitched together ar$ fjed in the manner as provided in sub-rule (2).

''"' T - e Hppeai under sub-rule (1) shall be presented in duplicate ch.M;• ';.i;:;v.;-;: by the agent of ihe aggrieved company or the credit ip.iovri--,v;on company, as the case may be.

£, Go^^n i s or memorandum of appeal- - (1) Every memorandum of r,p"<vi hied under rule 4 shaii set forth concisely under distinct ne oOf> ^ •: 'j.'ounds of such appeal without any argument or narrative arc 3;jvv grounds shall be numbered consecutively.

•• ("'; , . - seeking an interim order or direction, appropriate s u h r . ^ t r v - ccid reliov prayed for in respect thereof may be included in !hM momorandojii c/ appeal and it shall not be necessary to proven separate ^p^lcation or memorandum in this behalf.

9. Ck r^ents to accompany memorandum of appeal. - (1) Every rv^T''^'Vj^m of appeal shall be accompanied with copies of the order c-qainst which the appeal is filed and the documents relied upon by th^ -jupellant •/.; V;r...:i'e the appellant is represented by an agent, or any of its officr ;v, ;;;:foro -the appellate authority, the document authorising him to to. 'f • -ic'o capacity shall also be appended to the memorandum of appea..

10 Presentation a^d scrutiny of memorandum of appeal. - ('•; - on scrutiny :?f the appeal received, it is found to be in order, the Sc : r ' t sia!S be duly registered by the secretariat of the appellate a.it'K;-'>y and given a serial number, (2 f?' on scrutiny, an appeal is found to be defective and the defect is s;r;h thai it couid be allowed to be rectified, the appellate authority may g-ant >Jme not exceeding thirty days for such rectification and d?n?.c* :\s secretariat to communicate to the appellant the defect and fre v^s ^rzntec* for its rectification.

( x )] ihf appellant fails to rectify the defect within the time as aiio.wsL for the pus pose as per sub-rule (2), the secretariat shall .subrwii'. the "epotl of such failure of the appellant for consideration of the .rppo"3?e authority, who may by an order and for reasons to be ^cor.j-^d in writing, decline to register the appeal and direct the i;ecr.~r^rk.t"4o communicate such order to the appellant within seven 6a\-i ' ;on the date of the order.

(4; ; r : ^ e appellant vomi ts any representation within a period of fi-te^n .:ia y's from t!>" date- of receipt of communication as per sub-rule [^m ii—Ta^s 3(03 *m ^T Ti^m : am*mm 37 (G), wi' sufficient explanation in respect of its failure to rectify the defect within the time granted for the purpose as per sub-rule (2), the secretariat shall submit such representation for consideration of the appellate authority.

(5) The appellate authority may, subject to its satisfaction about the sufficiency of the explanation furnished as per sub-rule (4), by an order and for reasons to be recorded in writing, review the order passed under sub-rule (3) and grant further time not exceeding fifteen days for rectification of the defect, or may reject the representation in case such explanation is not found to be satisfactory, and any such order passed by the appellate authority shall be final.

11. Notice of appeal to the respondent. - A copy of the memorandum of appeal along with the copy of the documents submitted therewith, shall be served by the secretariat of the appellate authority on the respondent as soon as the appeal is registered as per sub-rule (1) of rule 10, by hand delivery, or by registered post or speed post.

12. Filing of reply to the appeal and other documents. - (1) The respondent may file reply in duplicate to the appeal along with documents, in the secretariat of the appellate authority, within one month of the service of the notice on him of the filing of the memorandum of appeal.

(2) The respondent shall also endorse one copy of the reply to the appeal along with documents filed as per sub-rule (1) to the appellant.

(3) The appellate authority may, in its discretion on an application by the respondent, allow the filing of the reply after the expiry of period referred to in sub-rule (1).

13. Date of hearing to be communicated. - (1) The appellate authority shall fix the date and place of hearing of the appeal and direct its secretariat to communicate the same to the appellant and the respondent in the manner as the appellate authority may by general or special order direct.

(2) The appellate authority may subject to its satisfaction adjourn the hearing of the appeal, if so requested by any of the parties to the appeal.

38 THE GAZETTE OF INDIA : EXTRAORDINARY [PART 11—SEC. 3(i)| -

14. Hearing of appeal.- (1) On the date fixed for hearing or the next date in case of adjournment, the appellant and the respondent shall be given due opportunity for putting forth their submissions in support of their piea.

(2) The appellate authority may allow the parties to submit their written arguments in addition to their oral arguments.

(3) in case of non-appearance of the appellant on the date fixed for hearing or the next date in case of adjournment, the appellate authority may, in its discretion adjourn the hearing or may dispose of the appeal on merits.

(4) Where an appeal has been disposed off as per sub-rule (3) and the aopellant appears afterwards and furnishes satisfactory explanation Tor non-appearance on the date when the appeal was decided ex-parte, the appellate authority may subject to its satisfaction about the explanation, set aside the ex-parte order and restore the appeal and decide the same, on merits after hearing the parties.

15. Order to be signed and dated.- (1) Every order of the appellate authority shall be in writing and shall be signed and dated by the appellate authority passing the order.

(2) During the pendency of the appeal, the appellate authority shall have powers to pass such interim order as it may deem fit including one of an injunction, subject to reasons to be recorded in writing, which it considers necessary in the interest of justice.

16. Communication of order.- Every order passed on an appeal shaii be communicated to the appellant and to the respondent concerned either in person or by. registered post within a period of seven days from the date of the order.

17. Orders and directions in certain cases. - The appellate authority may make such orders or give such directions, as may be necessary or expedient to give effect to its orders or to prevent abuse of its process.

[-HFT11—^^3(i)] ^TTcT W\ J H ^ : 3TOT*TT^ 39

CHAPTER III STEPS AND SECURITY SAFEGUARDS TO BE TAKEN BY CREDIT INSTITUTIONS FOR ENSURING ACCURACY, COMPLETENESS AND PROTECTION OF DATA

18. Steps for security and safeguards to be taken by credit institution. - Every credit institution, in existence in India on the commencement of these rules, before the expiry of three months from such commencement, and every other credit institution before the expiry of three months of commencing their business in India, shall formulate appropriate policy and procedure, duly approved by its Board of Directors, specifying therein the steps and security safeguards, to be adopted in their operations relating to -

(a) collection, processing and collating of data, information and credit information by them relating to their borrower or client;

(b) steps to be taken for ensuring security and protection of data, information, and credit information maintained by them;

(c) appropriate and necessary steps for maintaining an accurate, complete and updated data, information and credit information, in respect of their borrower or client, and to ensure the accuracy and completeness thereof while furnishing the same to a credit information company or making disclosure thereof to anyone else in accordance with the provisions of the Act; and

(d) transmitting data, information and credit information through secure medium.

19. Collection of data and maintaining credit information. - (1) A credit institution shall -

(a) collect all such relevant data in respect of its borrower or client, as it may deem necessary and appropriate for maintaining an accurate and complete data, information and credit information in respect of such borrower or client; and

(b) use such data, information and credit information subject to the provisions of the Act.

40 THE GAZETTE OF INDIA : EXTRAORDINARY _Ji^'JLd>!£-2li)l

(2) Without prejudice to the generality of the policy and procedure to be adopted as per rule 18 and sub-rule (1) with respect to collection and maintaining of data, information and credit information in relation to its borrower and client, a credit institution shall also collect all relevant and authentic available data and information as per Form-ll for preparing, maintaining credit information in relation to them and for establishing their identity.

20. Accuracy of data provided by a credit institution.- (1) Every credit institution before furnishing data or an information or credit information to a credit information company or making disclosure thereof to anyone else in accordance with the provisions of the Act shall ensure that the credit information is accurate and complete with reference to the date on which such information is furnished or disclosed and adopt appropriate procedure in this behalf with the approval of their Board.

(2) if, for any reason beyond control, it is not possible for any credit institution to furnish credit information as per sub-rule (1), such credit institution while furnishing the credit information to a credit information company or making disclosure thereof to anyone else, shalhmake a remark with reference to the date UD to which the accuracy and completeness of the credit information has been verified and found to be correct.

(3) Subject to the provisions of sub-sections (2) and (3) of section 21 of the Act, in respect of alteration and updating of credit information on request of a borrower in accordance with the said provisions, if a credit institution after furnishing the data or information or credit inf6rmation, to a credit information company or making disclosure thereof to anyone else, in accordance with the Act, discovers of its own, or is informed about, any inaccuracy, error or discrepancy therein the credit institution shall -

(a) latest by third day, send the intimation to the credit information company or the individual, as the case may be, of such inaccuracy, error or discrepancy;

(b) take immediate steps to correct such inaccuracy, error or discrepancy; and

(c) the credit institution shall forward the corrected particulars of the data or information or credit information, as the case may be, to the credit information company or the individual, as the case may be, within period of twenty one days from the date , when the credit institution had discovered such inaccuracy, error or discrepancy or information in respect thereof was given to it.

(4) If, for any reason beyond its control, it is not possible for a credit institution to take immediate steps as per sub-rule (3), such credit institution shall inform tye credit information company or the individual, as the case may be, of the steps taken by it for correction of the inaccuracy, error or discrepancy and also the reasons for its inability to comply with the provisions of sub-rule (3) within the time stipulated therein.

(5) Any credit institution failing to take steps as per this rule, without any sufficient reason shall be liable for contravention of the provisions of the Act.

21. Disclosure of disputed data by a credit institution.- If, in the opinion of a credit institution, correction of any inaccuracy, error or discrepancy as referred to in rule 20, is likely to take further time on account of any dispute raised by a borrower in respect thereof, with the credit institution or before a court of law, or any forum, or tribunal or any other authority, in such cases the credit institution shall adopt the following course of action, namely: -

(a) if the disputed data has not been furnished, in such event while furnishing such data to a credit information company or making disclosure thereof to anyone else, in accordance with the Act, the credit institution shall include an appropriate remark to reflect the nature of the inaccuracy, error or discrepancy found therein and the pendency of the dispute in respect thereof and in any subsequent disclosure of such disputed data the credit institution shall also disclose such remark; or

(b) in case such credit information has already been furnished to a credit information company or disclosed to anyone else, the credit institution shall inform the credit information company or the individual, as the case may be, to include the remark about such inaccuracy, error or discrepancy and the pending dispute in respect thereof, against such data, information or credit information received by them from the credit institution; and 3889 GI/2006—6 42 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)1

(c) the entries in books of the concerned credit institution shall be taken into account for the purposes of credit information relating to such borrower as provided under the provisions of second proviso to sub-section (3) of section 21 of the Act.

22. Updating of the credit information by credit Institution. - Without prejudice to the provisions of rule 21, if there is any change in the data, information or credit information, already furnished to a credit information company due to change in the liability of the borrower or his guarantor, on account of write off in full or in part of the amount of outstanding dues of the credit institution or the repayment thereof by the borrower or his guarantor, or release of the guarantor, or any scheme of arrangement entered into between the credit institution and the borrower, or the final settlement of the amount payable by the borrower pursuant to any scheme of arrangement with the credit institution, as the case may be, or on account of any such other reason, the credit Institution shall,- -

(a) continue to update such data, information or credit information promptly or in any event, by the end of each reporting period not exceeding thirty days until the termination of the respective account relating to such credit information; and

(b) furnish an updated credit information to the credit information company at the earliest in this behalf.

23. Data security and system integrity safeguards. - Every credit institution shall adopt such procedure and measures in relation to their daily operations as may be necessary to safeguard and protect the data, information and the credit information maintained by them, against any unauthorised access to or misuse of the same including the following safeguards, namely: -

(a) adopting the minimum standards for physical and operational security including site design, fire protection, environmental protection;

(b) keeping the round the clock physical security;

(c) issuance of instructions for removing, labeling and securing the removable electronic storage media at the end of the session or working day;

[HPT II—TsF>5 3(i)] HR?T m TFSm : 3<-HWK"r 43

(d) providing physical access to the critical systems to be on dual control basis;

(e) making comprehensive succession plan for the key personnel so as to ensure that non-availability of a person does not disrupt the system;

(f) keeping of paper based records, documentation and backup data containing ail confidential information in secured and locked containers or filing system, separately from ail other records;

(g) adopting adequate procedure to ensure that the records could be accessed only by authorized persons on need to know basis;

(h) providing details of creation of firewalls and stress testing of systems through ethical hacking to evaluate and ensure its robustness;

(i) protecting systems against obsolescence;

(j) adopting procedure for change of software and hardware ;

(k) providing for disaster recovery and management plan; and (I) taking necessary steps while handing over systems for maintenance to prevent unauthorized access or loss of data, information and credit information maintained by them.

CHAPTER IV STEPS AND SECURITY SAFEGUARDS TO BE TAKEN BY CREDIT INFORMATION COMPANIES AND SPECIFIED USERS FOR ENSURING ACCURACY, COMPLETENESS AND PROTECTION OF DATA

24. Formulation and adoption of the procedure information companies. - (1.) Every credit information company. In existence on the commencement of these rules within three months of the commencement of these rules, and every credit information company to whom a certificate of registration has been granted, after the commencement of these rules within three months of such grant, shall take such requisite steps, as it may deem necessary, in relation to their operations and accordingly formulate policy and procedure fV_[ ; THE GAZETTE OF INDIA . EXTRAORDINARY JPARTII-SEC. 3(i)l duly approved by their Board of Directors and adopt the-same with respect io the following operations, namely:-

(a) collection, processing and collating of data, information and credit information relating to their borrower, or client, obtained and received by them from a member credit institution or credit information company, as the case may be;

(b) steps to be taken for ensuring security and protection of such data, information and the credit information maintained by them;

(c) appropriate and necessary steps for maintaining an accurate, complete and updated data, information and credit information, in respect of their borrower, or client, and to ensure the accuracy and completeness thereof while furnishing the same to a specified user o r making disclosure thereof to anyone else, in accordance with the provisions of the Act; and

(d) transmitting data, information and credit information through secured medium.

(2) Without prejudice to the generality of the policy as formulated and procedure as adopted under sub-rule (1), every credit information company shall include in its such policy and procedure, the following, namely:-

(a) it would have tested and documented internal system for evidencing robust matching levels which may in case of need be used also to provide requisite evidence and necessary examples to the Reserve Bank;

(b) the procedure and parameters for verifying and providing certificate to the effect that the entire d ata, information and credit information, obtained and received by them, from a member credit institution, a credit information company,or from any other permissible source, as the case may be, in respect of their borrower, or client, has been collated without any distortion thereof and such data, information and credit information maintained by them is accurate, updated and complete with reference to the date of such certification by the credit institution, or the credit information company, by whom such data, information and credit information has been provided;

[HPT11—^PJS3(i ) ] iTTTcT ^ 1 TT3PT5T : 37^7^77^ 45

(c) the procedure for making a notation in such data, information and credit information obtained and received by them from a member credit institution, or from any other permissible source, as the case may be and maintained by them in respect of their borrower or client which is not updated on the date of carrying out necessary verification and certification as per clause (b) with reference to the date up to which the same was certified by credit institution or the credit information company to be accurate, updated and complete.

25. Accuracy of data provided by a credit information company..-

(1) Every credit information company shall adopt appropriate procedure with the approval of the Reserve Bank-

(a) for verifying the data, information or credit information maintained by them on the basis of the information obtained by them from credit institution or credit information company, as the case may be; and

(b) to ensure, before furnishing data, information or credit information to a specified user or making disclosure thereof to anyone else in accordance with the Act, that such data, information or credit information maintained by them is accurate, complete and updated with reference to the date mentioned therein by the respective credit institution or credit information company, as the case may be.

(2) If, for any reason beyond control, it is not possible for any credit information company to furnish complete and updated data, information or credit information, as per sub-rule (1), the credit information company shall make a remark with reference to the date up to which its accuracy and completeness has been verified and found to be correct.

(3) Subject to the provisions of sub-sections (2) and (3) of section 21 of the Act, in respect of alteration and updating of credit information on request of a borrower in accordance with said provisions, if a credit information company after furnishing the data, information or credit information to a specified user or making disclosure thereof to anyone else, in accordance with the Act, discovers of its own, or is informed about any inaccuracy, error or discrepancy in respect of the data, information or credit information, the credit information company shall, - 46 THE GAZETTE OF INDIA: EXTRAORDINARY [PART II—SEC. 3(i)l

(a) latest by seventh day, send the intimation to the specified user or the individual, as the case may be, of such inaccuracy, error or discrepancy;

(b) take immediate steps to correct such inaccuracy, error or - discrepancy; and

(c) forward the corrected particulars of the data, information or credit information to the specified user or the individual, as the case may be, within a period of thirty days from the date when the credit information company had discovered or was informed of such inaccuracy, error or discrepancy.

(4) If, for any reason beyond control, it is not possible for the credit information company to furnish corrected information as per sub-rule

(3), the credit information company shall inform the specified user or the individual, as the case may be, of the steps taken by it at their end for correction of such inaccuracy, error or discrepancy and also the reasons for its inability to comply with the provisions of sub-rule

(3);

(5) Any credit information company failing to take steps as per subrule (3), without any sufficient reason for its inability to comply with the said provisions, shall be liable for contravention of the provisions of the Act.

26. Disclosure of disputed data by a credit information company,, - If, in the opinion of a credit information company, correction of any Inaccuracy, error or discrepancy referred to in rule 20, is likely to take further time on account of any dispute raised by a borrower in respect thereof with the credit institution or before a court of law, or any forum, or tribunal or any other authority, in such cases the credit information company shall adopt the following course of action, namely:-

(a) if the disputed data, information or credit information has not been furnished, in such event while furnishing such data, information or credit information to a specified user or making disclosure thereof to anyone else, in accordance with the Act, the credit information company shall include an appropriate remark to reflect the nature of the inaccuracy, error or discrepancy found therein and pendency of the dispute in respect thereof and in any subsequent disclosure of such disputed data, information [HFTI1—^TO3(i)]' MKct ?ET TR^T : 3WWK«I 47 or credit information, the credit information company shall disclose such remark;

(b) in case such data, information or credit information has already been furnished to a specified user or disclosed to anyone else, the credit information company shall inform the specified user or the individual, as the case may be, to include remark of such inaccuracy, error or discrepancy therein and the pending dispute in respect thereof; and

27. Formulation and adoption of the procedure by specified user.- (1) Every specified user, in existence on the commencement of these rules within three months of such commencement, and every specified user, coming into existence after the commencement of these rules within three months of its becoming member of a credit information company, shall take such requisite steps as it may deem necessary for ensuring and verifying the accuracy and completeness of data, information or credit information received from a credit information company before using the same in relation to a borrower, or a client, in relation to their operations and to ensure protection thereof from unauthorised access, or use and formulate and adopt an appropriate policy and procedure in this behalf with the approval of * their Board of Directors.

(2) Without prejudice to the generality of the policy as formulated and p rocedure a s adopted u nder s ub-rule (1), e very s pecified u ser shall include in such policy and procedure, the provisions relating to the following, namely:-

(a) the level of officers to be authorised to access the data, information and credit information received from a credit information company;

(b) the parameters to be adopted for satisfying itself about the identity of the respective borrower, or the client whose credit report is to be taken into account by the specified user;

(c) the appropriate measures so as to ensure that they do not fail to take note of any remark included by a credit information company in respect of any credit information; and 48 THE GAZETTE OF INDIA: EXTRAORDINARY [PART 11—SEC. 3(i)l

(d) procedure relating to receiving data, information and credit information through secured medium.

CHAPTER V PROHIBITION FROM UNAUTHORISED ACCESS OR USE OR DISCLOSURE

28. Prohibition from unauthorized access or use or disclosure.-

(1) Every credit institution, credit information company, and specified user, existing before the commencement of these rules within three months of such commencement and every credit institution, credit information company or specified user coming into existence after the commencement of these rules within three months of commencement of their business, shall take such steps as they may deem necessary to ensure that the data, information and the credit information maintained by them is duly protected against any unauthorized access or use and formulate and adopt an appropriate policy and procedure in this behalf with the approval of their Board of Directors.

(2) Without prejudice to the generality of the policy and procedure, as formulated and adopted under sub-rule (1), every credit institution, credit information company, and specified user shall include such other aspects in such policy and procedure so as to -

(i) secure the confidentiality of the data, information and credit Information maintained by them;

(ii) ensure that access to the data, information and credit Information maintained by them is permitted Only to such of their managers or employees or designated officers, who are duly authorised for the purpose on a need to know basis;

(iii) ensure and control, access to the data, information and credit Information, terminals, and networks, maintained by them, by *means of physical barriers including biometric access control and logical barriers by way of passwords and to ensure t hat t he p asswords u sed in t his b ehalf a re not shared by anyone else than who is authorised in [^TII— •5TD5 3ffi] MKcT3fl WT3 : SPRTOKPT 49 this behalf and the passwords are changed frequently on irregular intervals;

(iv) ensure that the best practices in relation to the deletion and disposal of data, especially where records or discs are to be disposed of off-site or by external contractors are followed;

(v) ensure that the system adopted for the purpose is sufficiently adequate to protect against any unauthorized modification or deletion of the data, information or credit information maintained by them;

(vi) ensure maintenance of log made for accessing to data, information or credit information maintained by them including -

(a) the data relating to identity of all such persons whosoever had accessed or attempted to access the data information or credit information maintained by them and the date and time of such access, the identity of the borrower whose data or credit information were so accessed; and

(b)the provision relating to preservation of the records and entries pertaining to such log for •minimum period of two years and to ensure that the same is available for examination by auditors, or the officials of the Reserve Bank authorised in this behalf, as the case may be.;

(vii) ensure the maintenance and review of records and entries of log, on a regular and frequent basis to detect and investigate any unusual or irregular patterns of use of or access to data including creation of the audit trails and verification thereof;

(viii) provide the guidelines for the use and access of information systems by external contractors; and

(ix) protection against pilferage of information while passing through the public and private networks;.

3889GI/2006—7 rf 50 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SET. 3(i)l

CHAPTER VI FIDELITY AND SECRECY

29. Obligation for fidelity and secrecy.- (1) Every credit information company or credit institution or specified user, in possession or control of data, information and credit information shall adopt all reasonable procedure to ensure that their managers, officers, employees are obliged to fidelity and secrecy in respect of credit information under their control or to which they have access.

(2) Every credit information company or credit institution or specified user, existing before the commencement of these rules shall within three months of such commencement of these rules and every credit institution or credit information company or specified user within three months of commencement of their business after coming into force of the rules shall, formulate the policy and procedure duly approved by its Board of Directors specifying therein the steps to be taken by them to ensure compliance of the fidelity and secrecy obligation by their managers, officers, employees with respect to data, information and credit information under their control.

(3) Without prejudice to the generality of the policy and procedure as adopted under sub-rule (2), such policy and procedure shall also include therein the appropriate provisions relating to-

(a)the requirement that their employees, authorized personnel, age/its, contractors and other persons who deal with or have right to access data, information and credit information comply with confidentiality obligation and sign covenants with them; and

(b)the requirement that every chairperson, director, auditor, advisor, officer or other employee of a credit information company, before entering upon his duties makes a declaration in Form III for complying with such fidelity and secrecy obligation.

[F.N0.7/67/2005-BOA(ii)] AMITABH VERMA, Jt. Secy.

[^FTII— T3^3(i)] *m ^T W r a ; SKUHKm 51

SCHEDULE FORM I (See rule 4) APPEAL UNDER SECTION 7 OF THE ACT AGAINST REJECTION OF APPLICATION FOR GRANT OF CERTIFICATE OF REGISTRATION/ CANCELLATION OF CERTIFICATE OF REGISTRATION For use in secretariat of the appellate authority

(a) Date of presentation of the appeal (before the appellate authority):- OR

(b) Date of receipt of the appeal by post (in secretariat of the appellate authority) Registration No [given by the secretariat of the appellate authority as per rule 10(2)] (Signature of authorized officer of the appellate authority) BEFORE THE APPELLATE AUTHORITY BETWEEN A B (Credit Information Company) APPELLANT AND RESEVE BANK OF INDIA RESPONDENT Details of appeal:

1. Particulars of the appellant company:

(i) Name:

(ii) Name of the agent 52- THE GAZETTE OF INDIA: EXTRAORDINARY [PART II—SEC. 3(i)]

(iii) Address for service of all notices

2. Particulars of the respondent -

(i) Name and/or designation of the respondent

(ii) Office address of the respondent

(iii) Address for service of all notices

3. Particulars of the impugned order:

The application is against the following order:

(i) Order No/dated:

(ii) Passed by:

(iii) Date of receipt of communication:

(of the impugned order)

(iv) Subject in brief:

4. Limitation - The appellant further declares that the appeal against the impugned order is within the limitation as per section 7 of the Act read with rule 4.

5. Fact of the case - The facts of the case are given below - (Give here a concise statement of facts in a chronological order, each paragraph containing as nearly as possible a separate issue, fact or otherwise).

6. Relief(s) sought - In view of the facts mentioned in para 5 above, the appellant prays for the following relief(s) - [Specify the relref(s) sought explaining the ground for the reliefs) and the legal provisions (if any) relied upon].

7. Interim order, if prayed for;

Pending final decision on the application, the applicant seeks issue of the following interim order - (Give here the nature of the interim order prayed for with reasons).

8. Details of the remedies exhausted - The a ppellant d eclares t hat h e h as a vailed o f all t he r emedies a vailable to h im under the Act.

f qm II— " ^ ^ 3(i)3 HKfl ?̂T TTSPTsf ; awmK«l 53 (Give here chronologically the details of representations made and the outcome of such representation).

9. Matter not pending with any other court, etc. - The appellant further declares that the matter regarding which this appeal has been made is not pending before any court of law or any other authority or has not been rejected by any court of law or other authority.

10. Details of Index - An index in duplicate containing the details of the documents to be relied upon is enclosed.

11. List of enclosures -

(a)

(b)

(c)

(d)

(e) Verification 1, (name of the authorized officer/agent or counsel of the appellant company), S/o, age working as do hereby verify that the contents of serial nos. 1 to 11 are true to my personal knowledge and belief based on official records and that I have not suppressed or concealed any material facts.

Signature (agent of the appellant) Place :

Date :

RECEIPT SLIP This is to acknowledge the receipt of the appeal filed / received by post today on day of. ,the year before the appellate authority by Shri/Smt working as in the office °f residing at Signature (of the designated officer of the appellate authority) Date:

Place:

54 THE GAZETTE OF INDIA: EXTRAORDINARY [PARTII—SEC. 3(i)] Form II [See sub-rule (2) of rule 19] (Information to be collected by a credit institution in relation to its identified borrower) Part I For Individuals

1. Name of the borrower:

(a) Last Name/Surname First Name Middle Name

2. If the borrower has been known by any other name in past ? Yes/No

(a) If yes, his Last Name/Surname _. First Name Middle Name

3. Occupation of the borrower-

4. Address of the borrower:

(a) Residential Address - Flat/Door/Block No. Name of Premises/ Building/Village Road/Street/Lane/Post Office Area/Locality/Taluka/Sub-Division_ Town/ City/District State/Union Territory Pin_ Telephone No. Fax Mobile Phone No.

(b)Office Address - Name of Office Flat /Door/Block No. Name of Premises/Building/Village road/ Street/Lane/Post Office — Area/Locality/Taluka/Sub-Division Town/City/District — State/Union Territory Pin Pin Telephone No. Fax

5. Address for Communication - Tick { V } as applicable (a) or (b)of column No.4.

6. Borrowers Father's Name - Last Name/surname First Name Middle Name

7. Sex of the borrower - Tick { V } as applicable: Male/Female

8. Date of birth of the borrower: (dd/mm/yyyy)

9. Nationality of the borrower

10. Bank account details of the borrower

(a) Account No

(b) name of the bank arid address

11. Credit card details of the borrower

(a) Credit card type

(b) Credit card No.

[Mm II— TgP5 3(i)] VTCcf ^T TT5m : amwKUl 55

(d) Pariculars of Insurance Policy.

(e) Insurer Company

12. E-mail address of the borrower

13. Web URL address (if any) of the borrower

14. Documents submitted by the borrower as proof of his address - (any of the following)

(i) Passport details

(a) Passport No.

(b) Passport issuing authority —-«•

(ii) Voter's identity card No.

(iii) Income-tax PAN No.

15. For Company/Firm/Body of Individuals/Association of Persons/Local Authority;

(a) Registration Number

(b) Date of incorporation/agreement/partnership

(c) Head office Name of the office Flat/Door/Block No. -Name of Premises/Building/Village Road/Street/Lane/Post Office Area/Locality/Taluka/Sub-division Town/City/district 7 — Pin <• - State/Union territory Telephone No.

Fax

16. Web page URL address, if any

17. No. of branches

18. Nature of Business

19. Income-tax PAN No.

20. Turnover in the last financial year Rs.. —

21. Net worth* Rs.

22. Paid up capital Rs.

23. Particulars of Insurance Policy Insurer company ^

24. Names, Addresses etc. of partners/Members/Directors

(a)Details of Partners / Members / Directors

(i) Full Name LastName/Surname First Name ...< , Middle Name 56 THE GAZETTE OF INDJA: EXTRAORDINARY fPART H—SEC. 3(i)1

(ii) Address Flat/Door/Block No Name of Premises/Building /Village Road/Street/Lane/Post Office Area/Locality/Taluka/Sub-Division Town/City/District State/Union Territory Pin Telephone No Fax No Mobile Phone No

25. E-mail address

26. Name oftheauthorired representative Address ;- Flat/Door/Block No Name of Premises/Building/ village Road/Street/Lane/Post Office Area/Locality/Taluka/Sub-Division Town/City/ District Pin State/Union Territory Telephone No Fax Nature of business

27. Bank account Details;

Name of the bank branch Bank account No Type of bank account

28. Any other information Part II (Applicable to Individuals /Company/ Firm/ Body of Individuals/Association of Persons/Local Authority)

29.Particulars of the credit facilities granted or to be granted by a credit institution to the borrower; :-

(a) Nature of each funded credit facility and the amount sanctioned or to be sanctioned thereunder;

(b) Date of disbursement of the amount against each facility;

(c) Number of installments pertaining to principal and interest and amount, the due date/s of payment and the actual date of payment;

(d) Total amount of outstanding dues against the borrower as on the date of reporting of credit information;

(e) Nature of each non-funded facility and the amount sanctioned or to be sanctioned thereunder;

(f) Amount involved in every non-funded facility availed of by the borrower;

[^FIII— ̂ TO3(i)j MRtT ^T TFSP̂ T : 3WWK"! 57

(g) Conversion of non-funded facilities into funded facilities on account of non-fulfillment of commitment made thereunder;

(h) In case the facility is revolving in nature, history of meeting the obligations on due date of payments

30. Information relating to the guarantor or the person who has given or proposes to give guarantee or security for a borrower of a credit institution including;

(a) Name, full address including State and Pirn Code, telephone number, date of birth / date of incorporation, PAN of the guarantor;

(b) father's name

(d) the amount of guarantee invoked in respect whereof default has been committed by the guarantor, if any.

FORM III [See sub-rule (3) of rule 29] DECLARATION OF FIDELITY AND SECRECY I, do solemnly swsar and declare that on becoming the Chairperson, director, auditor, adviser, officer, employee or agent of (Name of the Credit Information Company), I will faithfully perform the duties of Chairperson, director, auditor, adviser, officer, employee or agent and that I shall not directly or indirectly communicate or divulge any of the matters or any information relating to the affairs of (Name of the Credit Information Company) its members and/or their clients and/or their respective affairs including without limitation trade secrets, know-how, technology and such other confidential information of the company which,may come to my knowledge in the discharge of my duties as such chairperson, director, auditor, adviser, officer, employee or agent except to the extent that any such information shall be or become part of the public domain or when required or authorised by the Board of the ; (Name of the Credit Information Company) or in circumstances in which it is, in accordance with law or practices and usages or, as the case may be, necessary or appropriate for me to divulge such information. I will observe strict secrecy with respect to all transactions of the company and all matters relating thereto and my obligation of fidelity and secrecy to the company will continue even after my cessation of relationship with the company. I will not allow any person to inspect or have access to any books or documents or computer system, diskettes belonging to or in the possession of the (Name of Credit Information Company) and relating to its business unless such person is legally entitled to such inspection or access.

Signature:

(Name and designation of the person Signing the declaration) Place:

Date:

3889 Gl/2006—8 58 THE GAZETTE OF INDIA: EXTRAORDINARY [PART II—SEC. 3(i)j ^ f e f t , 14 f ^ T O , 2006 W m f t . 754(3?).—qRcfa t ^ f e . W ft^R ^ H ^ <*q^ (ftfSppR) ^ r f ^ r f 2005 (2005 ^T 30) ^ t VRT 37 ̂ TT KTT ^ifepff ^ *qW ^ ^ , PlHfclfiiHd W m T̂KTT * , sraf< ; - 3&QW 1 5Trcf*ra>

1. ^ t f e l T̂FT 3fk m^T .-(1) ?̂ T RRiJH cf?T ̂ R T T̂R X&W -R«M* vjJH<fr|fl cfMt ftft^T, 2006 t I

2. MRHHUJ.- (1) ^T f3PMHT 3, ^T W f̂ T ^fctf T̂ 3RWT 3T^RT ^ ^T- (**>) "arftf^Rpr" $ j?m f ^ r w «jH*ifl gMt ( f t f^m) 3 r W m 2005 (2005 ^ 30) (*i) " ^ i i ^ d l " r̂ ^nf^rfrr, ^ - soro R̂STT ^T gitf soro ftwf> V*IH*I'$I cfMt ^r r̂tWr (RPI^HH) 3Tt?rf̂ R, 1952 (1952 ĈT 74) $ spfrr wrffcr arf^r WTSTR armtn SRT 4^r c£t *T£ 3rpr% ĉ fô ? cHr| ̂ m ^r ^ r | ^ f t ?n ̂ 3T^J F̂Tt̂ cT frwr 3rf^ra t ;

(*r) "sra stfs *tof $ tfrm wr, ^HTF w r ^ , ^ F ^T= STT̂T ^ r $ fov ĝf̂ r [Mm II— TsF5 3(i)] *TK?T ^ T&m : 3Wiqi<U| _59 (̂ ) "qita" r̂ ^sirf̂ Tfcr, f ^ # ?mn w n *TT ft># x$w fom* wm*i^l ^Mt SRT fotft 5RSRI ftt|<J<fc «IM*l^ * M t cF5t *K^d l ^ T *JT cTT^ ^ T cfc ^ff # *$*T ^ f t WT 3Tf5r̂ ?T * ;

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(or) "3faT RPWIH* aft* fforer 111^*^1" r̂ ^TT WRPPT sfrc f ^ m mfagRq 3rfrft^ ( 1999 (1999 ^T 41) ^ t £fM 3 ^ 3T#T ^ 7 % ^TT fif^lH* sffc ftcfjRT J n f ^ P I 3TMCT * ;

(ST) "JtRr^Rmi" T̂ 3jfrT»jf% tffaT (ftPWHH) arf̂ PRPT, 1956 (1956 ^T 42) ^ t SjRf 2 cfc ws («r) 3 r̂amRHiRd nfd'̂ Rwl sif̂ nta # ;

(or) iiwfite nfd^Rt affc RPm*H ^ ' r̂ ^Rdk ^ f i afh? flPmHi ^i wfofam, 1992 (1992 3JT 15) ^ t ETRT 3 ^ 3T#T WTf̂ T ^Kd"l*l Hc-Ml̂ fd 3fh? RPWHH ^t t 3Tf̂T5tcT t ;

(e) "'HKdlij $Ntaw Rf^iiH* Hifa*w" r̂ ^TRdk <jwii)w ^PIAIH* mliraRq 3TfaPm( 1997 (1997 ^T 24) ^ t £TRT 3 ^ 3T#T ^Tft?f *TTCftl ^ T 3 R RPliJIH* ST^ra^T 3rf$T&T % ;

(2) F̂T ?&§ 3fR ^ f ĉ ^T W t 5I^T t 3fR ^T RPi-M f̂ 4 M^l f td ^ f ^ f ^ 3T%Pm^ # ÎT Pnrif # M^Hif̂ d t, ^ t 3$ #rf "̂ ft 3rf^mrr m Pnrif # 11 aismi 2 PiRP&i vJM̂ |(WI

3. 3Tf^Rm ^ t 5TRI 2 ^ ^ 5 (3) # ^ n ^ T ^ m f ^ T t ^ \JMii1 f̂F5ff ^ T̂ST-̂ TaT PlHfclRad c^gpi-iii -jft ftftfe: swiil«wi ^ WT 4 ^ m ^ w ^ , arofcr >

(gj) ^TT arf^rarr, 1938 (1938 ^T 4) # ^ n Ml^iftd ^nr f^RpR sfh? f&tm wr}^?^ r̂ (>g) g?rf gMt "sft ^ e R ÎT T̂JFT $m$ ^s^m w&& ti sfh? T̂Rtfta ^ ^ i y RPî H'i (̂ T) ^ r f ww ¥bi 3T̂ m>̂ T "̂ ft ^TRdk nf!r̂ J!r sfh? ^ P I ^ H ^rt r̂ ^ ^< j>d ^r;

60 THE GAZETTE OF INDIA : EXTRAORDINARY [PACT II—SEC.3(J)1 1992 ^ TOT Hl>)lftd 3fk -qT^T 5Tt̂ jfcT afk raPlHiJ 3Tf?tf^m, 1992 (1992 3>T 15) ̂ t ETRT 12 3> 3T*ft=T ^ ^ l « J ) d t ;

fa) m^fto slcnp ftf^m M ; 3fR (E) 3fal f M^mFTc^ aft* t%g fRT S T t e ^ I 3THTRT 3

4. <* fa*5wi HHluiM-s* * f ^ 7 p^f <$ foHJ * M M "5RT 3TT^T 3>T ftm wfFTT.- sr f^nm 3>t *JRT H£IM«W, IT^t , 3 f M yt l ld i 3fr? f^PRT toR, f^H^ sfa, 3 ^ f a ^RltcRT * m , ^ -400001 *TT forf f ^ cfc ^ chi^d^j afr? a r f t r ^ gst, ufr ^ ftftxr ftPi^ f ^ n ^n?, CPRTTT i

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(gj) ftnft otTf̂ T 1st 3TiT% ̂ 4 cfft TR̂ RT f^^^J* « I H * I ^ ^Md*l ^^PTT ;

(?j) 3rq^ ^ ^ r Tf^mi ^Rsnaff ^ i ' ^sra JRSI %wj ^TcW ^F^HT ;

(tf) ^W$ <fci^ir ]??W f^tjijch WTO?^ 35t Mfd'^fd4t ^ ^TWT^ yfd'^fdifi T̂ f ^ T f^TJ 7TT7 [MFTII—-gprg 3(j)3 **Rfl ^T <MiM : 3TOWR"T 61 m 5Tc*RT ̂ R*TT3ft ^ ^TT7 ^ W r ^ *3T% if 3>TC ^ R * ^ *ftf£RT *JJSU|, <HHI4>cM 3 ^ T̂CT ^Hl?nr gj^rr 3 ^ ftftfe vJM^iWWft 3tR ̂ T3> ^ R t f <tft M-U(il*M 3R% aft* ft^TR gRTT I 3MRI 5 $R*RI ftWP ulH4>l$ S5T illJJtfUl aft* JTC§?T f ^ I T WfT aft* *3<H4>I MlJIuM

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9. Hc?RI R«*iJ* wHH*l^l cm 3 R ^ \34^1'l f l ^ n wIHT.- ( l ) y c ^ * ^c?m f ^ i g j ulMcM^l gtrrft gRF ^ticTaT ^c?m fttU*. MtH<hl̂ l g>T 3Tf?rf5RR g?t EIRr 17 g»t ^TORT (3) ^ 3R^TR f^Rft ftf^Rfcd

(gj) yiTT^ 5Tc*rzr raftwii g>r gR r̂ it ;

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(q) 3T^R illtfchi g> viflRdH cm 5=TftetravT 3lK JĴ TTcFT gR=TT ;

m 3TtR cm^ff i n RPl i l lH* f&fi ^\ ^7T^ R^FT 3rHT ;

(̂ r) fg^ft n^ra ^ n 3 1 1 ^ ^ g> •Rnq it gj?eff gn wwft f ^ t te WT ^ ;

62 THE GAZETTE OF INDIA: EXTRAORDINARY TPART II—SEC. 3(i)l 3rr̂ r ^ r »*iMn g> fen? in usnf^t , f ^ f t ^n^nrt in f ^ f t sra3> gft wĉ r̂ r HV*MI w\ t>fa ^ r ^ («r) ^ ^rf^r «fr ft^ft 3RT oirf̂ T grcr ^ m ftjtr yfĵ r ^Tcl fatft Rft*w ^ f ^ r ^ ^ m n 3> fc^r 3TT =̂T f ^ IT f , i n RftRfei ^M<fi<ttl gRT ^ T R % ̂ 5R*to ^f ty iM TRTT f̂>t t , JJHpJdWH in -l41ch^l i n ^ f e in ^ T 3 J f ^ T R ?y& 3> fcT^ <TC 35tf 3Tc3̂ T RPHMiJ M ^ fcT^;

5TCFT ^ t Tff ftmFT 3Tc3̂ T ST^fajT $ JJHHen<M in - l 4 ) * ^ l *H ^ i n ^ £ ftfclN ^ # 1 *f

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e) t%^t srf^T ^Ht ^flcrft ^ 4 ^ t 3Tc3̂ T *\tH\*i ^ F f f 3> teTCJ TOT*T ̂ T f f ^T I SMTO 6

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(cp) 3TF^cf5 gjtpft ^ ^3tw (?l) UT f̂fKT, «TR>, 5Tftr̂ cT 3ft? ?FTF4TT TJvft 3889GI/2006—9 66 THE GAZETTE OF INDIA: EXTRAORDINARY [PART II—SEC. 3(ij]

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fcidK ctO y<j)R ^5T cfiT ^TR jrrRferfcT 68 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)1

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70 THE GAZETTE OF INDIA: EXTRAORDINARY [PACT II—SEC. 3(i)1 NOTIFICATION New Delhi, the 14th December, 2006 G.S.R. 754(E).— | n exercise of the powers conferred by section 37 of the Credit Information Companies (Regulation) Act, 2005 (30 of 2005), the Reserve Bank of India hereby makes the following regulations, namely:-

CHAPTER I PRELIMINARY

1. Short title and commencement.- (1) These regulations may be called the Credit Information Companies Regulations, 2006.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. Definitions.- (1) In these regulations, unless the context otherwise requires, - .

(a) "Acjt" means the Credit Information Companies (Regulation) Act, 2005, (30 of 2005);

(P) "collector" means a credit institution, or a credit information company, or a specified user, as the case may be, which collects data, information, or credit information in respect of a borrower, or a client;

(c) "commodity exchange" means an association or a company or any other body corporate organising futures % trading in commodities for which license has been granted by the Forwards M arkets Commission established under the Forward Contract (Regulation) Act, 1952, (74 of 1952);

(d) "data management service" means the service of collecting, storing, devising systems for retrieving, collating, analysing and distributing, publishing, disseminating data, information, and providing of other inputs by a credit information company to its members and specified users;

(e) "Form" means a form appended to the Schedule to these regulations;

(f) "fees" means such amount as is payable by a credit institution, or a credit information company, as the case may be, to a credit information company, towards membership fees or annual fees;

(g) "Government Securities" means a security created and issued by the Central Government or a State Government for the purpose of raising a public loan in a form specified in the Public Debt Act, 1944 (18 of 1944) and the government securities as included in the definition of securities in the Securities Contracts (Regulation) Act, 1956 (42 of 1956);

(h) "Insurance Regulatory and Development Authority" means the Insurance Regulatory and Development Authority established undersection 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);

(i) "Securities" means securities as defined in clause (h)'of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956).

0) "Securities and Exchange Board of India" means the Securities and Exchange Board of India established under section 3 of the Securities Exchange Board of India Act 1992 (15 of 1992);

(k) "Telecom Regulatory Authority of India" means the Telecom Regulatory Authority of I ndia established u nder section 3 of Telecom Regulatory Authority of India Act, 1997 (24 of 1997);

(I) "trading member" means and include a member," a broker or a stock broker, who has been admitted as such by National Stock Exchange or Bombay Stock Exchange and who holds a registration certificate as a stock broker from the Securities and Exchange Board of India;

72 THE GAZETTE OF INDIA: EXTRAORDINARY [PART II—SEC. 3(i)l

(2) Words a nd e xpressions u sed in t hese r egulations a nd n ot defined herein but defined in the Act, or the rules shall have the same meanings respectively assigned to them in the Act or the rules.

CHAPTER II SPECIFIED USERS

3. In addition to the specified user as provided in clause (/) of section 2 of the Act, the following companies shall also be regarded as a specified user, namely: -

(a) an insurance company as defined in the Insurance Act, 1938 (4 of 1938) and registered with the Insurance Regulatory and Development Authority;

(b) a company providing cellular or phone services and registered with the Telecom Regulatory Authority of India;

(d) a stock broker as defined in the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations 1992 and registered under section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);

(e) a trading member registered with a recognized commodity exchange;

(f) the Securities Exchange Board of India; and

(g) the Insurance Regulatory and Development Authority.

CHAPTER III REGISTRATION OF COMPANIES AS CREDIT INFORMATION COMPANIES

4. Submission of application by companies for grant of certificate of registration.- Every application by a company for grant of certificate of registration under section 4 of the Act shall be made in form A to the Chief General Manager-in-Charge of Department of Banking Operations and Development of the Reserve Bank at Central Office Building, Mumbai - 400 001, or to such other office and officer of the Reserve Bank as may be specified by it in this behalf.

• [Will—HP5 3(i)] MRtT IX T&m : amiMK"! 73

5. Grant of certificate of registration.- (1) If, on consideration of the particulars furnished by an applicant company, the Reserve Bank is satisfied that the conditions as specified in sub-section (1) of section 5 of the Act are generally fulfilled and the company is in a position to fulfill the remaining conditions, it may -

(a) grant 'in-principle approval' to such applicant company and provide time to the company, not exceeding three months, for fulfilling the conditions included therein; and

(b) in any particular case the Reserve Bank may grant further extension of such time not exceeding three months for the purpose of fulfillment of the conditions stipulated in the 'inprinciple approval', where it is satisfied with respect to the cause for failure of the company to fulfill such conditions within the time so provided.

(2) The Reserve Bank may, after being satisfied that the conditions as per sub-section (2) of section 5 of the Act and sub-regulation (1) are fulfilled, grant a certificate of registration in form 'B' to the applicant company to commence or carry on the business of credit information, as the case may be, and may also impcse such other conditions as it may consider fit.

CHAPTER IV BUSINESS OF CREDIT INFORMATION COMPANIES

6. Form of business in which credit information companies may engage.- In addition to the business of credit information, and subject to such conditions as specified in these regulations, credit information companies may engage in any one or more of the following forms of business, namely :-

(a)providing to any person his own credit credit information;

(b) providing data management services to its member credit institutions;

(d) collecting, processing, collating and disseminating data relating to investments made by its member credit institutions in securities other than government securities;

(e) collecting, processing, collating data , relating to, frauds perpetrated in borrowal accounts of credit institutions and money laundering, and dissemination thereof to its members and specified users.

3889GI/2006—10 74 THE GAZETTE OF INDIA: EXTRAORDINARY [PART II—Sfec. 3(i)1 CHAPTERV COLLECTION, FURNISHING OF CREDIT INFORMATION AND PURPOSES THfef̂ EOF

7. Form of notice for collection and furnishing of credit Information.- (1) A notice r^quir^d to be issued by a credit information company or any person authorised in that behalf by the company under sub-section (1) of section 17 of the Act for collection of credit information from its member credit institutions or credit information companies, as the case may be, shall be sent in form C or as near thereto,

(2) Every credit information company shall adopt a format with the approval of the Reserve Bank, for,collecting credit information and forward the format to its member credit institutions or credit information company, as the case m;ay be, along with tine notice in form C sent to them for collecting credit information.

(3) On receipt of such notice and format, the addressee credit institution or credit information company, as the case may be, shall furnish credit information in the format received along with the notice issued by the credit informalon company, ...8, Extension of time for providing credit information.- (1) In case accredit institution or a credit information company, as the case may be, for any justifiable reason, is notable to comply with the notice sent by a credit information company as per sub-regulation (1) of regulation 7 within the time stipulated therein, it may approach the concerned credit information company in writing for extension of time to comply with the same.

(2) If the concerned credit information company is. not satisfied with the reasons submitted by the member credit institution or the member credit information OTrripany, as the casemay be, for their failure to qomply with the notice sent bya credit information company as per sub-regulation (1) of regulation 7, in such; case the credit information company shall refer the matter to ^.Reserve Bank and the decision of the Reserve Bank shall be final in tHisregard.

9. Permissible uses of credit information—(1) Credit information shall be provided by every credit information company to a specified [MBII—73TO 3(i>] ma ^\ TFSm : autmu<i| • " ' . • ' • " • • V 1 ' I I I ) . . . , • . , , . , , . . . . 4 . , . i . I .-, f n Ii ,. i • ; . — - .

user as per sub-section (3) of section^/ of the Act, for the following purposes, namely:- ;i

(a) to make effective credit decisions^

(b) to deter concurrent borrowers and serial defaulters;

(d) to review and evaluate risk of its customers

(e) to effectively discharge their statutory and regulatory functions;

(f) to effectively discharge the functiortsas a credit rating agency;

(g) generally in relation to and for purposes of taking; credit decision, or for judgingcredit worthiness; of a borrower or a client, as the case may be; ;

(h) to take a credit decision on a person who accepts liability for payment on a bill of exchange drawn by another person who has applied to the specified user for availing new credit facility or for review or renewal pr enhancement or of extension, as the case m^y be, of h i ^ex f^g ; creditfacility granted by the specified user; ^ i v r o

(i) to t akec redit decision in reJaijpn t® a person who draws a promissory note in favour of anther person, or who has applied to a specified user for $y§iiing new credit facility or for review or renewal or enhancementor of extension, as the case may be, of his existing credit facility granted fay any specified user; . ,•, .

G) to take credit decision in relation to a person who proposes to act as a guarantor for another person who has applied to a specified user for availing new creditrfacility or fpr review or renewal or enhancement or of extension, as the case may be, of his exjsting; credit facility granted by the specked user;

(k) to enable a person to (giow his ovyn credit information. ;

CHAPTER VI PRIVACY PRINQiPtgS

1.0. In addition to the principles and procedures as provided in section 20 of the Act, every credit infonwitkNicompany^ credit institution and specified user, shall ̂ adopt the following privacy principles in relation to their functioning, namely:-

(a) Care in collection of credit information:

(i) Every credit information company shall take all such necessary precautions, in respect of information received or collected by it so as to ensure that such information is - 76 THE GAZETTE OF INDIA: EXTRAORDINARY [PART II—SEC. 3(i)l (A) properly and accurately recorded, collated and processed;

and (B) protected against loss, unauthorised access, use, modification or disclosure thereof.

(ii) Every credit institution shall - (A) keep the credit information maintained by it, updated regularly o n a m onthly basis or at s uch s horter i ntervals a s may be mutually agreed upon between the credit i nstitution and the credit information company; and (B) take all such steps which may be necessary to ensure that the credit information furnished by it, is update, accurate and complete.

(b) Access to, and modification of, the credit information:

(i) Every credit information company shall - (A) establish and adopt procedures relating to disclosure to a person, upon his request, his own credit information and subject to his satisfactory identification; and (B) provide reasonable time and opportunity to such person for establishing his identity and the credit information company may call for his personal attendance, if so necessary, and production of such other documents as may be necessary as proof of his identity.

(ii) Every specified user on receipt of a request as per sub section (3) of section 21 of the Act, from a client or a borrower, as the case may be, for updating of his credit information, shall intimate about such request to the credit information company which had furnished such credit information to the specified user.

(iii) Every credit information company on receipt of the intimation from a specified user, shall intimate about the request made by the borrower or the client, as the case may be, the credit institution which had furnished such credit information to the credit information company.

(iv) Every specified user, credit information company, and credit institution, shall take prompt action in relation to updating of the credit information and to send the intimation and their response with proper co-ordination amongst them so as to ensure that the [VFTII—*grog3(i)] MRtt ^ <HM4 : 3WIHK1 77 requisite action is taken in this behalf within the time limit as provided under sub-section (3) of section 21 of the Act.

Obligation to disclose.- Every specified user, in case of denying credit or any other service to a borrower or a client, as the case may be, on the basis of his credit information report within thirty days of its such decision shall - (A) send a written intimation to such borrower, or the client about the rejection;

(B) include in such intimation the specific reasons for rejection;

(C) forward a copy of the credit information report relied upon for such decision; and (D) also provide the name and address of the credit information company which had provided the credit information report to the borrower or client, as the case may be.

(d) Length of preservation of credit information:

(i) every credit information company and credit institution shall retain credit information collected, maintained and disseminated by them for a minimum period of seven years.

(ii) Every credit information company and credit institution shall develop guidelines and procedures to be adopted by them, with the approval of the Reserve Bank in respect of preservation and destruction of credit information.

11.Principles and procedures relating to personal data .-(1) Every credit institution, credit information company and specified user, as the case may be, shaii adopt the following principles and procedures in respect of;

(a) the manner and purpose of collection of personal data;

(b) solicitation of personal data from individual concerned;

(d)for redressal of grievances of individuals in respect of personal data.

THE C^KCFH QE^I^j-pTRAOgDINARY [PARTI^SEC^3(J)1

(2) .Mannsi; ajid p ^ p p o ^ e . ^ c ^ ^ No ctedit'Tns1i|ufc^ as the case may be shall coliect/ at publishordisclose, personal data except for the purposes relating to their fur\ctipnfjV!;,:, .-,.;,.. •vtf": ...

(a) as per the provisions of the Act, or their activities (! uV ir incidental or relating to,their supji|urjcti9ns;^rv^n^. i - •! ' i ^ t , 1 HJxel^tfon to th^if.^p^c^y Tap,̂ ljfuipcUrpn ,^&.^n. erfipIpyer of '."''*]' ah Individual who is pc^as been jn their employment,

(3) Solicitation of personal data from ah individual. - In case of cpNectiqn^an^ u,s,£, o£personal olata^s^ex Jhis.regiilaWQfipby &tcredit institution, credit'information company, or a s^cjlied.user, as the case may be, they shall take such steps as are, in the circumstances, reasonable treasure tha,t, betor^.su^lT^ta i^qpliepfediQ^ if that is not pfaciicable/as soon as practicable after such aata is collected - ''•'"'' '"-"•" (a^lhelndividual c o r i ^ for which such data is being collected, or disclosed, or r ^ v i o ; n j i i S i ^ ' ^ ^ ^ g r J B ^ f e ^ ^ an* -Jfyr,^ cv.'s l-:.;- "" ; (b) sucn data ' rpa in^ in^ against any loss, or unautKorizedaccess, or use, or modification or disclosure,.thereof -,.,. ,lo:^-i,;^.,.:<l •.-,,-:,- >-'-.

"'' Information company'ar^ data collected, maintained'Jafid olssemiriateci by" them for a : ; .^ ;minjmu^^ ncilst-K^i J ^ o yvr*.

,,.;;.-: $}, JE$8P& ̂ re # ;infprraa tipnj :OdQjn£>a«$ sfflict iCre^iitein^tjtotiQn; shall develop guidelines and proce^uf^^heiia^Qpted^by them, with the approval of the Reserve Bank in respect of preservation and r;.>,/des;tr;uc^p^.1c^-;p^rsonaL<iaJ^islei asujijeooiq r^a ^-.;;,;vr>^. N' •.:s :;-;..-;.: beit^v.^;;; 'jit:,; ,-. ie.':,fneo noiisrmolni -JV.J; ,;-,c»a;;::...:< 'r^':..

^ - ^ p j ^ n a ^ ^ means such other data relating to an individual other Ihamwhat^a credit institution, or a credit information company, or a specified user, intermitted Jo -;cogecfca^(j?prjdte?;Pf@V!isipnsj;Qf(the rules m?dp : iUB^r^jft^ ( ;--1 i fT10-j> stsb lenosieq lo ncUBfolhr::^ C\Y6 .ytilidBJnuooof: to .'n^xc - o ^ :::;

"o K^^ jn ill 3ir^-:-v.;..-; >.- ^eonsvang lo ittzsv^r- •<';•?;• Ifor\\-~T*rm3(1)] ^il/-y>- !>-''--^"'"-''<fe'^^f^.r"gp3ftto" :ij,i?t l o ^'Wr'^U^^^liii^JKfaiiV^Alr^H.feiPXJ^^A

12. (1) Every credit information company shall be entitled to charge suchi IrYfount/ « tt,''m^-deem"-'dppropriatep-f-npt exceeding Rs. 15,00,000/- towardsnleerofrpiw-.CBSdit^tastltMJtiens or credit : - i n f o ^

(2) Every^ crecjit information .qompany shall be entitled to charge sucri'amb'unt," as ""'Ifb may bdbe^^'app'r6*prS)a^1sfi?ft exceeding Rs .15,00,00<!f/-ftioc^^ff^ ^ a n d l ^ ; ^ ihsstftu»tf towards the annual fee. .baw^uri

(3) Every specified user shall furnish a copy of the credit iriform^tipnvfe s > ^ p e j ^ a , a s ^ t e r r e ^ ^ j ^ ^ u ^ T j ^ t i o g j t l ) of . section,^.i^.-Sf^thp,0AJ^n,^jlfeieQt^tO^^; gbar^ng^,gmount not exceedingRs. 50/-. ' " :

"<4) For providing Io atYl!rrfc!ivftluaVhis" bWrrersdH: infoftriafioh, a rcredi1; infottnation; conlpany* may chart?® sucft amount as it deems appropriate not exceeding Rs.100/-. :p.~;woi:e}

(5) Every credit information company shall be entitled to charge from a spjacĵ jeclc,u y^^^^^^^l].^.^anciou^., ̂ .a§ ^itv-.ffif'y e?£em appropriate, not exceeding Rs.5007- for providing credit information report of an individual, and Rs 5000/- for others.

-e^ r fHQip : ? ; c e - ; i:> ^ s n i a ^ J on.; •-/• vi^fn'fi ynsqmo3 (s) [F. No.7/67/2005-BOA(iii)] AMITABH VERMA, Jt. Secy.

80 THE GAZETTE OF INDIA: EXTRAORDINARY [PART II—SEC. 3(i)l FORMA (See regulation 4) APPLICATION FOR GRANT OF CERTIFICATE OF REGISTRATION INSTRUCTIONS FOR FILLING UP FORM -

1. Applicants must submit to the Reserve Bank a completed application form, together with supporting documents.

2. Application for registration will be considered, only if it is complete in all respects.

3. Information, which needs to be supplied in more detail, may be given on separate sheets, which should be attached to the application form.

4. All signatures on the application must be original.

5. Every page of the form as weil as every additional sheet must be serially numbered.

1.0 Particulars of the Applicant

1.1 Name, address of the registered office, address of corporate office, address for correspondence, telephone number(s), fax number(s) and name of the contact person of the company.

1.2 Date of incorporation of the applicant company (enclose certificate of incorporation and memorandum and articles of association). Specify the following:

(a) Objects of the applicant company

(b) Authorised, issued, subscribed and paid up capitai

1.3 Category to which the applicant company belongs to:

(a) Company already in the business of credit information

(b) Company proposing to undertake the business of credit information.

[*mi—Tyg3(i)] WcT ^T V*m : 3J*tiHK"l 81

2.0 Eligibility Criteria Names of the promoters and indicate their shareholding in the company.

3.0 Particulars of directors/ key personnel

3.1 Particulars of directors of the company, which shall include name, qualification, experience, shareholding in the company and directorship in other companies.

3.2 Particulars of key personnel of the company, which shall include name, designation in the company, qualification, previous positions held, experience, date of appointment in the company and functional areas, directorships, if any.

4.0 Infrastructure

4.1 Details of existing/proposed infrastructure including the technology, security, facilities for hosting the data center. (For existing companies whether the existing infrastructure is adequate to carry on the credit information activities proposed to be undertaken by the company. Any further plan for additional/ improved infrastructure to be indicated.)

5.0 Major shareholders

5.1 List of major shareholders (holding 5% and above of applicant directly or along with associates) Date:

Name of shareholder Face value of share No. of shares held %age of total paid up capital Whether declaration / undertaking submitted a ZSW ffr/ct^H 82 THE GAZETTE OF INDIA : EXTRAORDINARY fPART II—SEC. 3(i)l

6.0 Group Companies

6.1 Particulars of parent / subsidiary / associate companies which shall include name, address, type of activity handled, track record, nature of interest of the applicant company, nature of interest of promoter(s) of the applicant.

6.2 Whether the Reserve Bank has granted/ refused registration for any purpose to any parent / subsidiary / associate of the applicant. Give the details like date of application, date of refusal/ registration, reasons for refusal etc.

7.0 FINANCIAL INFORMATION ABOUT THE COMPANY

7.1 Net Worth (For existing companies) Jtems :(a) Paid-up capital 1(b) Free reserves (excluding revaluation reserves) Total (a) + (b) ;(c) Accumulated losses

(d)Deferred revenue expenditure not written off Year prior to the preceding year of the current year Net worth (a)+(b)- (c)- (d) Net Profit (Rs. In Lacs) Preceding ;Current year iyear (Please enclose audited annual accounts for the last three years).

7.2 Name and address of the Principal bankers.

7.3 Name and address of the Auditors,

7.4 Detailed Business Plan.

[•qPT I I—^^3( j ) ] _ w r ^JI <MMSI : arararcw 83 OTHER INFORMATION Details of all pending litigations against the applicant company, directors and key employees:

Nature of dispute Name of the party Status

8.2 Indictment or involvement In any fraud or economic offences by the applicant, its parent/subsidiary/associate or any of its directors, or key managerial Personnel, in the last three years.

8.3 Whether any of its directors or key managerial personnel are associated with a company which have been declared as wilful defaulter.

9.0 Declaration

9.1 Give the following declarations signed by two directors:

I/We hereby apply for registration.

I/We hereby undertake to comply with the provisions of the Act, the regulations made thereunder and the guidelines, directives, circulars and instructions issued by the Reserve'Bank.

I/We warrant that I/We have truthfully and fully answered the questions above and provided all the information, which might reasonably be considered relevant for the purposes of registration.

I/We declare that the information supplied in the application form is complete and correct.

For and on behalf of (Name of Applicant) Director Director Name in Block Letters Name in Block Letters Date Date

8.0

8.1 3889GI/2006-^12 o4 _ _ _ THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(1)1 i FORMB (See regulation 5) CERTIFICATE OF REGISTRATION AS CREDIT INFORMATION COMPANY

1. !:; exercise of the pov.ers confeired by section 5 of the Credit Information Companies (Regulation) Act 2005 read with regulation 5 made thereunder, the Reserve Bank of India hereby grants a certificate of registration to having Registered Office at , to commence or carry on business of the credit information subject to the rules made under the Act and the terms and conditions included in Annexure I hereto.

2 Ihe Registration Number is ;.'; :e.

lJlacc: Mumbai By order Sd/- For and on behalf of RESERVE BANK OF INDIA FORM C (See regulation 7) To, * Dear Sir/Madam, Notice for submission of credit information In exercise of powers conferred by sub-section (1) of section 17 of the Credit Information Companies (Regulation) Act, 2005 read with the provisions of regulation 7, we call upon you to furnish the credit information in respect of your clients and borrowers as per the format appended hereto.

2. Please acknowledge the receipt of this notice.

Place:

Date: (Authorised Signatory) Name of the Credit Information Company * Name and address of the credit institution or credit information company, as the case maybe.

Printed by the Manager, Govt, of India Press. Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

Credit Information Companies Act Rules and Regulation Notification dated 14.12.2006

The enactment

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