The Reserve Bank has released the eligibility criteria for entities to be categorized as 39 Specifie...........

Banking and Fianncial Awareness (IBPSCL) MCQ practise

The Reserve Bank has released the eligibility criteria for entities to be categorized as 'Specified User' of Credit Information Companies (CICs)." Choose the incorrect option(s) regarding the aforesaid statement?(January, 2021)

This questions was previously asked in

IBPS Clerk Main (8th Oct 2022)

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The criteria set out the requirements for the entities to become eligible as Specified User of CIC under the Credit Information Companies (Amendment) Regulations,2021.

The company should have a net worth of not less than Rs.5 crores as per the latest audited balance sheet and should meet the requirement on a continuing basis.

A 'specified user' should be a company incorporated in India or a statutory corporation established in the country.

The company shall have at least three years of experience in running the business or activity of processing information.

The criteria set out the requirements for the entities to become eligible as Specified User of CIC under clause (j) of Regulation 3 of the Credit Information Companies (Amendment) Regulations, 2021.

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Explanation:

The company should have a net worth of not less than ?5 crores as per the latest audited balance sheet and should meet the requirement on a continuing basis