The Reserve Financial institution on Wednesday launched the eligibility standards for entities to be categorised as ‘Specified Consumer’ of Credit score Info Corporations (CICs).
The factors units out the necessities for the entities to turn into eligible as Specified Consumer of CIC beneath the Credit score Info Corporations (Modification) Rules, 2021, RBI mentioned in a launch.
As per the necessities, a ‘specified consumer’ ought to be an organization integrated in India or a statutory company established within the nation.
“The governing statute of the Statutory Company or Memorandum of Affiliation of the Firm, because the case could also be, ought to enable the enterprise/exercise of processing of knowledge for the assist or advantage of credit score establishments,” it mentioned.
Additionally, the corporate ought to have a web price of not lower than Rs 2 crore as per the most recent audited steadiness sheet, and may meet the requirement on a unbroken foundation.
“The possession of the corporate shall be properly diversified,” as per the eligibility standards.
Additional, in case the entity is an organization, it ought to haven’t lower than three years of expertise in working the enterprise/exercise of processing data for the assist or advantage of credit score establishments and shall have a clear monitor file.
Additionally, the corporate, its promoter(s) and director(s) shouldn’t have been convicted of any offence involving ethical turpitude or any financial offence.
In addition to, the entity ought to have a certification from CISA licensed auditor that it has a sturdy and safe data expertise (IT) system in place for preserving and defending the info regarding the credit score data.