<p>The Reserve Bank on Wednesday released the eligibility criteria for entities to be categorised as 'Specified User' of Credit Information Companies (CICs).</p>.<p>The criteria sets out the requirements for the entities to become eligible as Specified User of CIC under the Credit Information Companies (Amendment) Regulations, 2021, RBI said in a release.</p>.<p>As per the requirements, a 'specified user' should be a company incorporated in India or a statutory corporation established in the country.</p>.<p>"The governing statute of the Statutory Corporation or Memorandum of Association of the Company, as the case may be, should allow the business/activity of processing of information for the support or benefit of credit institutions," it said.</p>.<p>Also, the company should have a net worth of not less than Rs 2 crore as per the latest audited balance sheet, and should meet the requirement on a continuing basis.</p>.<p>"The ownership of the company shall be well diversified," as per the eligibility criteria.</p>.<p>Further, in case the entity is a company, it should have not less than three years of experience in running the business/activity of processing information for the support or benefit of credit institutions and shall have a clean track record.</p>.<p><strong>Watch latest videos by DH here:</strong></p>.<p>Also, the company, its promoter(s) and director(s) should not have been convicted of any offence involving moral turpitude or any economic offence.</p>.<p>Besides, the entity should have a certification from CISA certified auditor that it has a robust and secure information technology (IT) system in place for preserving and protecting the data relating to the credit information.</p>
<p>The Reserve Bank on Wednesday released the eligibility criteria for entities to be categorised as 'Specified User' of Credit Information Companies (CICs).</p>.<p>The criteria sets out the requirements for the entities to become eligible as Specified User of CIC under the Credit Information Companies (Amendment) Regulations, 2021, RBI said in a release.</p>.<p>As per the requirements, a 'specified user' should be a company incorporated in India or a statutory corporation established in the country.</p>.<p>"The governing statute of the Statutory Corporation or Memorandum of Association of the Company, as the case may be, should allow the business/activity of processing of information for the support or benefit of credit institutions," it said.</p>.<p>Also, the company should have a net worth of not less than Rs 2 crore as per the latest audited balance sheet, and should meet the requirement on a continuing basis.</p>.<p>"The ownership of the company shall be well diversified," as per the eligibility criteria.</p>.<p>Further, in case the entity is a company, it should have not less than three years of experience in running the business/activity of processing information for the support or benefit of credit institutions and shall have a clean track record.</p>.<p><strong>Watch latest videos by DH here:</strong></p>.<p>Also, the company, its promoter(s) and director(s) should not have been convicted of any offence involving moral turpitude or any economic offence.</p>.<p>Besides, the entity should have a certification from CISA certified auditor that it has a robust and secure information technology (IT) system in place for preserving and protecting the data relating to the credit information.</p>