Reserve Bank of India, RPCD Department, vide Notification No:RBI/2013-14/157 RPCD.CO.RRB.BC.No.14/03.05.33/2013-14, dt.July 23, 2013, has reminded RRBs Chairmen, on its earlier RPCD.CO.RRB.No.32/03.05.33/2009-10 dated October 20, 2009 wherein RRBs were advised , that in terms of Section 15(1) of Credit Information Companies (Regulation) Act 2005, every credit institution has to become a member of at least one Credit Information Company within a period of three months from commencement of the Act or any extended time allowed by the Reserve Bank on application.
RRBs are also credit institutions as defined in sub-section (f) of Section 2 of the Act, hence they would be required to take membership of at least one credit information company and provide credit data in the format as required by the Credit Information Company (CIC).
RBI had to issue a reminder circular on July 27, 2013, as it had come to RBI notice that a large number of RRBs are not members of any Credit Information Company as required under the Act.
As per the circular, RRBs have to take immediate steps become members of at least any one CIC.
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