(1) Every credit institution, credit information company and specified user, as the case may be, shall 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;
(c) their extent of accountability; and
(d) for redressal of grievances of individuals in respect of personal data.
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(2) Manner and purpose of collection of personal data. - No credit institution or credit information company, or specified user, as the case may be shall collect, or publish or disclose, personal data except for the purposes relating to their functions:
(a) as per the provisions of the Act, or their activities incidental or relating to their such functions; or
(b) in relation to their capacity and function as an employer of an individual who is or has been in their employment.
(3) Solicitation of personal data from an individual. - In case of collection and use of personal data as per this regulation, by a credit institution, credit information company, or a specified user, as the case may be, they shall take such steps as are, in the circumstances, reasonable to ensure that, before such data is collected or, if that is not practicable, as soon as practicable after such data is collected -
(a) the individual concerned is informed of the purpose for which such data is being collected, or disclosed, or used, as the case may be; and
(b) such data maintained by them is protected against any loss, or unauthorized access, or use, or modification or disclosure, thereof.
(4) Length of preservation of personal data. - (i) Every credit information company and credit institution shall retain personal data 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 personal data.
Explanation:- For the purpose of this regulation, “personal data” means such other data relating to an individual other than what a credit institution, or a credit information company, or a specified user, is permitted to collect as per the provisions of the rules made under the Act.
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CHAPTER VII MAXIMUM AMOUNT OF FEES
12. (1) Every credit information company shall be entitled to charge such amount, as it may deem appropriate, not exceeding Rs.15,00,000/- towards fee, from credit institutions or credit information companies for admitting them as their member.
(2) Every credit information company shall be entitled to charge such amount, as it may deem appropriate, not exceeding Rs.15,00,000/- in case of member credit information company and Rs.50,000/- in case of member credit institution towards the annual fee.
(3) Every specified user shall furnish a copy of the credit information to such person as referred to in sub-section (1) of section 21 of the Act, subject to a charge of amount not exceeding Rs.50/-.
(3) For providing to an individual his own credit information, a credit information company may charge such amount as it deems appropriate not exceeding Rs.100/-.
(4) Every credit information company shall be entitled to charge from a specified user, such amount, as it may deem appropriate, not exceeding Rs.500/- for providing credit information report of an individual, and Rs 5000/- for others.
(F.No. 7/67/2005-BOA (iii)) -Sd- (Amitabh Verma) Joint Secretary to the Government of India To The Manager Government of India Press Ring Road, Mayapuri Delhi –110064 12 FORM A (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 well 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 capital
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.
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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 14
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) (Rs. In Lacs) Items Year prior to the preceding year of the current year Preceding year Current year
(a) Paid-up capital
(b) Free reserves (excluding revaluation reserves) Total (a) + (b)
(c) Accumulated losses
(d)Deferred revenue expenditure not written off Net worth (a)+(b)-(c)-(d) Net Profit (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.
8.0 OTHER INFORMATION 15
8.1 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 16 FORM B (See regulation 5) CERTIFICATE OF REGISTRATION AS CREDIT INFORMATION COMPANY
1. In exercise of the powers conferred 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. The Registration Number is _____ Date:
Place: Mumbai By order Sd/- For and on behalf of RESERVE BANK OF INDIA 17 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 may be.
18 TWO 19 TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3 AND SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS (BANKING DIVISION) NOTIFICATION New Delhi, the 14th December, 2006 23 Agrahayana, 1928 SO 2098(E):- In exercise of the powers conferred by sub section (3) of Section 1 of the Credit Information Companies (Regulation) Act, 2005 (30 of 2005), the Central Government hereby appoints the fourteenth day of December, 2006, as the date on which all the provisions of the said Act shall come into force.
(F.No. 7/67/2005-BOA (i)) -Sd- (Amitabh Verma) Joint Secretary to the Government of India To The Manager Government of India Press Ring Road Mayapuri Delhi –110064