pin 2 anh ac unkess the content otherwise requires (a) "boasd" mean the board of directors of credit information company: (6) "borrows means any person wh has ben grate oan or anyother credit nae tacliy bya credit station and nelades alent of aredit insti, {6} "oie includes - s (i a guarantor oraerson who proposesto give guarate or security for a borrower of rei istuton; or 9 aperson— (a) who has obtained or seek to obtain financial assistance rom 'credit istution, by way of loans, advances, hire purchase, lasing /e foclty, leer fered, geacanee facility, venue capt assistance or by 'yay of eet cards orn any other frm of manne; (8) who has taised or seeks to ase money' issue of security as ened in clause () of section 2 of the securities contracts (regulation) | 'act 1956, or by sue of commercial pape, depository receipt or any ot 96 'other istroment, { (c) whose financial standing hasbeen sessed ors proposed tobe assessed by a rei insttution or any ther person o ison a8 my, by notation, be directed by the reserve bank: (a) rei inoration" means any information relating to py (dye amounts and the nature of loans or advances, amounts oustanding under edit cardsand other ered facilities grated ort be granted, by & 'edition 16 any borrower, ip the nature of searty taken or proposed to be taken by a credit inninsion frm any borrower for credit faliies granted or proposed to be 25° ranted thi, ute guarartee furnished anyother non-and ase facility grated "or yeoponed whe granted by credit instintion for any of is borrowers (i) the credit worthiness f any borrower of credit institation; 'eam cher mater which the reverve bank may, consider necessary for 38 inclusion inthe eet information 10 be collected and maintained by credit {formation companies, ad specif, by notification n this beha ected infomation company" means a company formed and reistered under spe companies het, 1986 and whichhaseen pared acerifcateof epitation 11836, under subsection (2) fection 39 (p "credit institution" sean «banking company and inches - {iy acoresponding ne bank, he state banko li, x subsidiary bank, co-operative bank, the national bank and regional rr bak 'uj anon-banking inca companys defined under clause (of section ss ofthe reserve bank of india at, 1934, oor 'av apubic nancial instinalonreferedtain section 4a ofthe compatics 44 nc 1956 dn) fnancial corporation established by a state under setion 3 of the sate financial corporation act 1951 eserves, (othe housing finance isttion refered to inclase hofecton2of ys | the national housing bank act, 1997; sain | (i the companies, engaged in the business of credit cards and other similar cards and companies dealing with distribution of eedt in anyother "ivan other institution which te reserve bank may speci, rom ime s to time, forthe purposes ofthis clause: gycredit scoring" means aystem which enblesacreit institution 1 assess the steit worthiness and capacity of a borower 10 repay his loan an vances and discharge his other obligations in respect of cre aii avited 7 'orto be avaled by him; i "noifction" means &noication published inthe of gaze of nai, "prescribed" means presribed by rules made under this act; 1) "reulaions means eglations made-by the reserve bank under this act (dy "reserve bapk means the reserve bank of indi constituted under section 3 ofthe reserve bank of india act, 1934, retin ("speci use" means any credit insittion, credit information company benga member under sub-section 3) fection 13, and nce such <tr reson ot isittion ax maybe specified by regulations made rom time cane bythe reserve bank forthe purpose of obtaining credit information fiom a ered information company: (gm) words and expressions used herein and no define i this act but defined tn the reserve bank of india act, 1934 the banking repuition act " {gudotthe companies ac, 1956 shal have the meanings respectively assigned 4 tothe in those acts  (chapter il risar0w of cred ormatin companies| romana       ||--------------|| seco         || 4           || 'save        || as           || otherwise    || provided     || in           || his          || act,         || po           || company      || shall        || commence     || or           || cry          || on           || the          || basin        || of           || credit       || information  || without      || obtaining    || acetate      || ofrepsration || frm          || the          || (go          || reserve      || bank         || under        || his          || ac           || 'stimeion    || ten          || 0            || 4           || (1           || every        || company      || which        || intends      || to           || commence     || he           || busines      || feet         || formation    || atl          || sak          || a            || opalicaton   || fr           || repstation   || othe         || reserve      || bank         || in           || soch         || form         || and          || manera       || nay          || be           || specified    || by           || regulations |(2) every credit information company, in enstece on the commencement of hs $5 acudubce tr expiry of months rom sch commencement lappy wring retee bank for obtaining scertieate of repistration under this act provided that inthe ease of «credit infomation company in exstence onthe commeseninent ofthis ast nothing in section 3 stall be deen to pohbit such crt coe campay fom crying onthe busines of credit ifcmation company wt § fe arm's crifeme of reparation fi by nt in writing ifomed by the retr 'batata cerficte of eistationcanot be granted 0 i § (i) the reserve bank may, forthe purpre of considering the aplication of mm comes teat eet of reat commer oar onthe toss of er! company fre yee tobe ated, by an inspection of record or books of sch usr eaany ov therise tha the flowing condition are ued, namely— (6) thatthe applicant company tas minimum capa strostre refered tin section (}) that the general character ofthe mansgemet or the proposed management ofthe applicant company shall ot be prejudicial he interest of ts specified user, ints or borrowers rater credit information companies, 5 (© thatany othe condition, the ulflient of which nthe pinion of the reserve tank, shall be necessary to ensure ha the commencement of carrying on of the busines of ered information by the applicant company sal not be devimental or prejudicial othe publciterest or banking policy o ereditsystem or its posited res of clients or borrowers or other credit information companies or oer who 10 'would provide credit information tothe credit information companies, (2) the reserve bank may, afer beng satisfied thatthe conditions as refered tin subvaction (1) ae flilled, grant a erifeate of restaton to the applicant company 0 'ommence or carry on the business feed information, subject to such conditions which it sararsier att impose and ifthe company fst full any of uch conditions or any of sf the provisions ofthis act the aplication of he company sal be rejected: 'provided tha no aplication sal be rejected ules the applicant hasbeen given a 'opportu of being ear, rowet 6(2) the reserve bank may cance a erifcte of registration granted to» credit information company vader sub-section (2) of ction 5 if such sompany, a erent (i ceases to cary on the busines of eet information: or ipa ied comply with any oft contons subject to which he ceriate 'of rgitation hasbeen grate tit ot uy tary te allo fil any ofthe conditions refered on sub-<iauses(0) to (c) of subsection (7) or sub-section (2) of tion 5 of cm (fis (a) comply wit provisions of any law forthe time being in force or any siren taued by the reserve bank under the provisions of this act; or (bo subi oc offer for inpection ts books of account and other relevant documents when 4 demanded by the officer, perséns or agency referred 0 30 futbaetion (7) of section 12 (2) befoce cancelling the cerificate of registration grate to a ret information company ander his ection onthe ground thatthe company has led te comply with be 'sonaitons specified in clauses (a) 10 (€) of sub-section (1) or sub-section (2) of wetion sor {fapocision of any ther aw ote time ding in force o decton issued under tisk 55 pe osere bank, sal grant tie osu company on such erms asthe reserve bank my 'joom appropriate for taking necessary steps to comply with suc directions of provisions of fatillment of sch conditions, within uch time provided that if the reserve bank i ofthe opaion tat the delay in canceling the certifies of repitaton of such company shall be prejudicial or detrimental to the public a gores or tanking poiy or ret system or borrowers robe credit nformaton companies 'ae ctone bart ay cance te cetfieate of registration without granting time as provides in sub-section (2) (6) no ode of cancelation of ceria of rexistation ranted acre information company sale mae by tc reserve bak unk ih coparyhas bee given resonable m6 'port of being heard +14 acted ntormationcomgeny aggrieved by the ordet of tejecton ofan application arp for gram of ceificate of registration under section s or cancellation of certfiete of ert rexistation under section 6, my refer an appeal othe cental government, wan aperod te" mak 'ot thiy days fom the date on which sch dr of ejection or cancellation, asthe casey '5 be, scommunicated tothe credit information compan (2) the decision ofthe cemral goveramen, where an appeal as been preferred tot under sub-section), o ofthe reserve bank where no such appeal bas een prefered shall be fn provided that before making any oder of eetion of an appeal the applicant company 19 orthecreditinormtion company ste ase maybe salbe ven resonable opportunity feng head '8, (j) theauborsed capital of every credit information company sabe aminiwsm of hry eros: 'provided thatthe reserve bank ms, by noifleation,inrease the minimum amount of 15° storied capt to any amount ot exceding ity crores (2) the issued capita of every credit nformaton company stall not be less than wen eres 'provided thatthe reserve bank may, by noticaon increase the asued capital to amy 'amount not exceeding the minimum amount of authorised capital ms refered to in sub- 26 section i) (g) the minimum paid up capital of every credit information company a anytime shat not be les than seventy ive pet cent, ofthe sued capital  'chapter i 'managua of ego xomsatn comes40) noting ying conned nny free bing in of, any cathe conta rey credit information company i exene on he sel ot nes ori comes it exten heen sal hve oof, re™™ "directors, who may be appointed on whole time or on a parttime basis i seether s appoimedonwoletine basi archaeon of soar esate go aga nine mangement he whole of te sof te cred eforaton company: provided that the chairperson ofthe board of the credit information company shall exerci is powers subject othe superintendence, control and directions ofthe bard (2) where chairperson is appointed ona pattie basis, he management of whole ofthe affair ofthe credit information company sal be entrusted to a managing director of 36 ele time director by whatever name elle, who sal exer hs powers subject othe  superinendence, conte and directions ofthe boar, (9) in addition to the chairperson or managing director or wholes director, by whatever name eae, the board of directors shall consist of not less than fifty pet ce ' "thecton wo shall bc peryons having special knowledge i, o practical experience of the 10 mane elating to public administration aw, banking, finan, accountancy, management 'nd information technology (4 in lacharging its functions, the board shall act on busines principles and shall ave de regard to the ineest of i specified users, credit instntons or he cients or 'borrowers of red isintons, (5) where the reserve bank ists itis nthe pablicimerest or nie eet afta ay oe ter ecu fx preventing te ry of te \ oftanking policy oy bing managed na manner derimenal 1th intrest of dakin sare rei ties orborowers leno fr sening pups ssp r aly formation companys neceay 200 he revert bank he ae cde ming by oder ple! in he cal cae sper is {esa esp fo sch pring wt exceeding sx mont, a mys 1 ear ay tr ented fo en totine, rowen, atthe fat pei hall not exceed twelve months provided at before making ny such ode, he reserve bak sal ve aveasnes cpporeny othe ar of sch ret infriton company © represertation against eran mprsession and shal consider the representation if ofthe board, | 6, tre reserve bankmy on spent doar of rel, as comp) heer tesco (3 appt an dns for sich pao won such | sare eke tems and condions as k may determine ca (7 tre reeve buk may nub ach econo be arar ma) en arora ste ansa sabe undo fallow mish deen | vn upen main othe oder der barton (3 peeing bur ore cet information company - te) the cnpenon, managing see and oe eae of en ee 22 | inform apany sal fom he date of upset, wet ne oes such paver ninco | ve oer ent aie orm 3 secon ae tm tint 27 ced speci oy al se 9a tn chet att ren te wn nt econ provided tat the power exercled by the adminisratr shal eal) at es owes ae xchat by areonon peed intense 3° ing of such credit information compar ing he (9) te ary and slornces payable the ail se 28 -adnicotor sal be bore by teed lnfomaton company i | (ua) on and betre th exprion of wo monte before yo a period of saperton mio in te rer fe revere bank wed ubaetion (3), the 35 'nimimisrator of the credit tnformation company alc general meeting ofthe edit 'dina ry lcr ne cis and reco ard 0 who formant cde le) of bwin (sal ot be sete 2 be 'ingualified for e-appoiniment 'un newidndig ming aint nay xe ie ss oss @ ny coarcter be nemorndu farce of wsocialn ofs es 'afemation companys snyconce mer en fice wer he ect evn lvoe i cay compensation forthe oso emination of oes ont we rh reserve ark sisi at ie ncesry of ae hs fe ncn te eid ne rine nce edtinemaon ors - meen ee servorowen wi dotan dain pos aa lt mon comps ee 2 heer sens deminer eh companies, credit lasttions and specified users, a the case may be, sal be bound! 19 follow the policy a 0 determined 1 (/) where the reserve bank satis that - ower (a) in the public meres or ts (6) the interest of credit instinions: of (6) inthe interes of specified wero (1) inthe irs of barking policy or antl (6) prevent the fairs of ay credit information company being conducted in aumanner detrimental wo the inerests fis specified users of im a tanner prejudicial | tothe interests of credit istiutons or borowers or lens; ot (to secure the proper management of red nformation companies generally, itisnecessary osu iections to cre information companies or credit insutons crspecfed wets generally orto any ered snformation company or cred institution = _ or specified user in particular, it may, fom ime to time, issue sch dretons a \s deems fi, and such credit iaoemation companies, credit instutions and specified 'ers or credit information company, credit institution, and specified wera the case maybe, tll be bound to comply with such directions (2) the reserve bank ma, on representation made wo ito on is own motion, modify or cancel any ection sued under sub-section (7), and he reserve bank, nso mfyng 20 or canceling any cvection, may impose such condtions a it thinks it, subject to which the tion or cancellation sal have elect (2)the resceve bank ay, at any tne, fit is satis that inthe public interest orn the inerest of ret nformation company ois members, iis nesessry sot do, by 'ower in writing and on such terms ad conditions as maybe specified therein, = {apeequir such cre information company t calla meeting fi rectors for the purpose of consiering ay mate eating 1 o arising ou ofthe as of the credit information company (dept oe or more ots fiers to wach the proceedings at ary mectng of 5 the bard athe credit infomation company o of any commie oof any ober ody 'onsite by wand requitethe ered information company o give an opportu 0 the ofiers so deputed tobe heard a such meetings and ako reir such fice to send a report of seh poceedings 1 the reserve bank (6) requite the boar ofthe credit infomation company' or of any commits of anyother buy conta by tt givin wring t any offer depute bythe reserve ¢ 35 bank intisbehaf ths wua addres al notices of and other communications relating to, any meeting ofthe board, commie o other body consid by (appoint oe or more as ofcers to observe he manne in which the afar \ ofthe credit information smpany of of is offices or branches are being conducted and mae a report thereon, bs {) rere the rei information company 1 make within such ime ay ay be specified in the order, such changes inthe management asthe reserve bank may consider necessary (4) the reserve bank ay, tay time, diet any credit information company 10 furnish within sch ime as aye specified by the reserve bank such statements ac 'ue _normation lating 1 the busnes o affairs ofthe credit information company asthe reserve bank ay consider necessary or expedient to obtain fo the purpose ofthis at, ingen 12, (i) notwithstanding anything to the conrary contained in section 235 ofthe fe companis nt 1956, reeve ba sty ine and on ingested of 'ema doy te cental goverment shal aise an section be made yon of mos of ' compe, set cers or trough such othe person fagen asthe reserye bank may determine, inane ae any eet information company or credit institution or specified user and ther books," aed ascount and the reserve bank shall supply 0 the credit information company of ares inatttion or specified user, asthe case may be, xcopy of is report on such inspection (2) ishall be the duty of every director or other officer or mplayer ofthe credit inforsaion company redit institution and specified wsero produce to any officer or 10 person or agency ate case may be, making an igpection ude sebsection 1 rarn books aceduns and other documents in his custody of power and to furnish him 'mah ebp statement and information relating the aa of such credit information cay medi instiution and specified usr, the aid ofier or person or ag8n0y appty (cor him within such time ws the sai officer or person or agency may specify: 1" (3) any oie of the reserve bank ot person or an agency making an inspection under agemaion{ i) may examine on oath any director o othe officer or employee of ase ean information company erdi inaiuion and specified user, in relation to their business, nd may administer an oath accordingly (4 the expense of, or incidental to, the ispestion under sub-section (1) by amy 20 person or an agency refered to in sub-section (1) sal be borne by the concerned per qformation company or ereit institution or specified use, as he cate may be chapter iv 'avorrons over 1 (2) i shal be the duty of an auditor of« credit information company 19 25° wirt inquire whether or not the credit information company hs furnished tothe resse (pati sh statements, information o particulars relating to is business a are required bank enighed under tis act and the auditor shall xcept where he it suisfied on week inquiry thatthe evedt information company bas fernised such a statement 'mtormtion or particulars make a report othe reserve bank in his egard ae (2) the reserve bank may, om beng satis tat is necessary 80 odo, nthe pubic terest or nthe interes of erdit aye, ine dtectons i particular reel with respect to audt fhe credit information company and submission of he feport to the reserve bank (4) where the reserve bank is ofthe opinion that is necenary ot 4 nthe 3° | pub erst or nthe interest of the credit information company ot ws members of aa reat of credit system or credit institution o ts borrower or client 0 todo, tne ey tine, by a ode, ctet ha a special aut ofthe accounts of the cree sich company in elation to ay such ransation or lat of transactions ot xed ox prods, as may be mentioned in the ode, tall be conducted and 40 aa ea ay by such order or bya separate ord either appoint an audior of ae eairect the suitor of the credit information company himself to conduct mater al audi and the mci shal comply with such directions and make report aaa sgtte the reserve bank and forward a copy thereof othe credit information company (a) the remuneration ofthe auditors as may be ae by the reserve bank, haved eurd othe ote and voime of work invlved i the adit nd te exents of 6° aa tthe avi hall be borne bythe eredit information company 0 audited  chapter v fescros of aedt neormation compas14 (1) credit information company may engage in any one or mare ofthe folowing form of business, rately (a) to collect, process and collate information on trade, credit and financial standing ofthe borrowers ofthe credit iastuton which i a member of the credit information company (0) provide credit nformation ots specified user oto he specified users coany other edit information company oro any other ret information company 'being its member ( wprovde credit scoring specified uses o specified wer of any other credit information company or 10 oter credit information companies eing 1s members: (4 undertake research project {ey1oundertake ay oter form ofbusiness which he reserve bank may, specify by repultions aya form of business whic hs lawful for a ered information 'company 0 hea: (2) no credit information company forthe purpves of sal engage in any fom of sins he tha those referred ton subsection (), 2" {g) any credit information company earying onthe business of eet information my— {)reginter credit insthations nd other credit information companies, atthet copton asks member, subject 10 sch ers a condtions us may be pre-determined hi disclosed by seh eed information company: a5 () sharge such reaonable amount of fees, a tay dem appropriate no 'exceeding the musimum fee a8 may be specified under section 27, for furishing edi formation to a specified user » {e general to do all such other acts and perform such ther functions as are neces) ofaclate proper conduct oft aa, busines and functions in accordance tithe provisions ofthis ac senter 15 () every credit insitation in exitence on the commencement ofthis at, before ae expy othe months rom sch commencement twin such extended pid, athe mere hank may allow on its application and subject being sais about the reason aeetcasion, sal beeme member oa feast one credit information company comas (2) every credit lation which comes i extence afer the commencement of this as before the expiry of three months fom its coming into existence, or within uch sani pero, as te reserve bark my allow ons application and subject 0 being 'sataricd about the reason for extension, shall become member of at last one credit information company ve (g)acreitinfoemation company ma, tits option, become member of another eri information company ra (no credit information company shal fuse o ester acre institution or anaes cretn clomaton company as its member wit providing reasonable oppominity of being hea crretedit inuton or credit information company, whose application proposes and eording easone or sch eetion ad acopy of such ode often shall be forwarded othe reserve bank (6) a credit instution or credit formaton company aggrieved by the oder of ejection of ts appiation for it eisai as a member of credit information company tinder sub-section (2) may prefer an appeal othe reserve bank, within a period of thirty 'days fom the date on which such onder of rejection was communicated 1 provided thatthe reserve bank may, fit ists that he appellant was prevented 5 toysficient cause from lng the app witin he said period allow ita be led wii & further period not exceeding thirty days (6) on eceip of an appa under sub-action (3), he reserve bank, afer ving the appellant and other concerned pats, an opportunty of being head, pass such over ast deems fi 'e (7) the dessin ofthe reserve bank where a appeal hasbeen preferred tot under subssetion (3) shal be fina apd the ceder ofthe ret information company unde sb~ 'ection () sal be ira afr the exp ofthe ai period of hry day where no appeal hs trwm refered unt hat sub-ecta o the reserve bank, (6 every specified wer sal be ened obtain credit information forts use fom 15 the credit information company of which such specified user isa member, reo 16 (1) where ret nstition— eros {cetains fom becoming member fat least one credit information company, onary (@)atany time i nota member of any ered information company, 28 the reserve bank suo moto o¢ oe a complaitt from x credit infomation <ompany ray, | thet such edit ation to take necessary steps within such time, sit may spit become a member of x eredit information company (2) incase cet institution isto comply withthe dretions of the reserve bank | under subsection (1), to become member ofa least one credit information cempany, the 25° reserve bank may, witout prejudice the provision ofthis ac, inmate uch failure to fny othe autor for aking sch action a may deem fi cctcinn ad (j) a ret information company or any perion auborie in hat behalf by the tn somaya tie wring gr ay es plone ae 'ci ion bythe reverve bank or as nea thereto, require its members being credit institution or credit 20 teiormaton company, i furnish such ered information as may deem necessary in secordance with this act (2) every credit intttion wih is member ofthe credit information company and very sted nfrmation company which sa member of other eedit infomation company shall on receipt of notice under subsection (1), provide credit information ¢ the credit $5~ spvormation company of whichit isa member, within such period as may be specified inthe | rice (4) every credit information company shall provide for such purpose as may be specie regulations, the credit informatio received under sub-section 2), t0 ks specie srrtnrecepcarequ fom him nsecordance wit ie provisions ofthis actand directions 4 ipod hereunder bythe reserve bank from tire to time in this beh (no credit information received under his act - (a) ty the eet information company shal be disclosed to any person ote than es specified user; of (6) by the specified wer shal be disclosed o any othe perton; ue (6) by the credit information company or specified user, shall be disclosed for any ther porpose than as permite ot requied by any oter law forthe time being force 18(1) noowithstnding amhing contained in any low fr she time being in fre, if seemen of ny dispute arises amongst cet information companies, credit institutions, borowersand_& 'het on raters relating to bine of credit information and for which mo remedy hes been provided under this ac, such disputes shal be seed by conciliation or bition as eat & provided in the atbiaton and concation ac, 1996, as ifthe partes to the dispute have 'onsented in wring for determination of ach dapate by coneiation or abiraion and provisions ofthat act shal py accordingly (2) where a dispute bas ben eee to arbivation under sub-section (, the same shall be sted o ected by te abiatr tobe apointed by the resrve bank (4) save a otherwise provided unde this act, the provisions ofthe arbitration and 'shories conciliation ac, 1996 shall apply tall arbitration unde his actas ithe proceedings for tbitration were sefered fo etement or decision under the provisions of the ariation snd coneiation act, 1996,  chapter ve invommton privy reciles and furnsnd of cree fortin19 acredit information company or tei inttion o peifed user, 8 the ca8¢ asan and ray be, in possession of control of red iformaton, sal take such steps (icing set of techy safeguard) as ray be prescribed, to enue thatthe data relating to the cred sig sear a eeinaind by thes ccrate, complet, duly protected against ny toss oc "™ 20 tnauthorised aces fuse or unauthorised disclosure thereat 230 every credit information compary, rei instation and specified wer, shall adopt iy the folowing privacy principles in relation to collection, processing, collating, recording, mms preservation secrecy, saving and wage of credit information, namely - (2) the principles bal (i which may be followed by every credit instaton for clletion of fnformatin fom fs orrowers and cients and by every credit information 'company, fr eoleton of information from its member cet insitations ot credit nirmation companies, for procesing, recording, protecting the data felting to credit information fished by, of obtained from, thei member 3 'edit nsutions or eredit information companies, asthe cave may be, and sharing of sich data with specified uses, 'uowhich may be opted by every specified we for processing recording, preseevng and protecting te dit relating to credit information fished, or feceived, a the case maybe by i 3o (ui which may be adopted by every <teit information company for allowing neces reer containing credit informationofbortowers and clients "in aeration of sch reord incase of need to do 0; bth purposes for which the credit information, may be used, restriction on such ute and disclosure thereof, (6) the extent of obligation to check accuracy of cet information before furnishing such information to credit information companies o credit institutions for speciid wees as the case may be; {4 peesenation of rd formation maintained by every cet information company, erat inition, and epeiied user asthe case ray benching the peiod 45 forwhichsuch information way be maintained, manne of deletion of uch information tau maintenance of ecords of ereit information); eynerworkingot crit infomation companies eat 'insitons and specified ses trough leone mode (hen ter inne 2 procedures eimting 0 rl mote shih the esd at may cosserneesry and aprepine and may specified by regulations cae (ay any person who apes fo rant cr sancion ote from any credit ancien ay eaves 0 uch tain of ee ofthe credit information imatinib chon ho edi information comps 68 (@) every reitinstnaion shall en recep request under sub-section (1), is so 0 red oa sein oo oe se fubjest 0 18 1 cnr mye esi ego 1 weer bank inthis (eta formation compay especie wert rl in possession 'or contol of the crit ra asa dae ifr aininel © 9 a shem ty agus lo ny of tem 1 wate 'nformation; wheter by 15° making 0c pied vet rte te inn 8 be, shall 'norma reat upd we ed oration win ays afer being requested todos | et nat rt notin compay ad the ied we make the 2° cane nro tretinoin nt ae neon 'eetion comets ben cried croc y the coed ce ns rede rn at no eh comet donor tion al 0 inthe | cre nematon fry supt reiting ach cocina ion pending rat naman nal cout an iw es pending the 257 before any ae of he concerned ret son hal when ecu fo he vanataat purpose of rei informaio bon "rave acces ered formation ihe posnsin 6st, {@) ay person who obtains wauboried eee 10 information a efrred tin vena ect wan tne whch chest i eh saat ra cotis hve ch wnt urbe fine whieh 357 ote rd cn thousand vec fo every yon 9 ry ert sal nt eke it so ett conlaves ad sh a pm  chapter vil onrmces ano ponatiesws sy wmv nay oun tt eet 8 ng sees fished by, unde of fe sones of ay provision of his ack fly mane (ah wey cet infancy or tah nss specifi wer, yf ting ny esa ay pacts any af he principles ily een 20s be pie wth ge wt vesting ne (oy any eed frat company rel, a specified wor willl geod myer inforaion oman of ce ein spied user of  setboerower ont, a the cate may be, credit information which ie fein any materia particular, knowing tt be fle, or wilfully omit make a material statement, shall be punishable, with fie which may extend 0 one crore (4) any person who contravenes any provision ofthis act or of any rule or order rade thereunder, or ebsrucs the lawful exercise of any power conferred by or under this 'act of makes default complying wih any tequreent of this act or of ay ule or order nade or diection sued thereunder, shall ifn specitic provision is made under this act for punishment of such contravention cbstrvton or default, be punishable with fe which 'may extend to one lakh rupees and where a contravention 'or default i continuing one, svt fer fine which may exten five thousand pees for every day dung which the 'contravenion o defal continues (9) where a contravention or default hasbeen committed bya credit information 'company or credit insitatono specified we, asthe case maybe, every person who, at the time the conraverton or defau was commited, was in charge of, and was responsible the credit information company or rei iatiton oe specified user forthe conduct of is tosies, shal be deemed to be guilty ofthe contavention or default an sal be hable to te proceeded agaist and punished accordingly: provided that nothing contained inthis wub-scton shal render any such person liable to any punishment provided inthis act if be proves thatthe contravention or default was ommited without his krowledge or that he" exercised all doe diligence 10 prevent the 'onravention of def 1s (6) notwithstanding aything contained in sub-section (5), where a contravention or default hs been commited by are information company or red ntti or specified tetas the case may be and i proved ha the same was commited withthe consent or onnivance of or is atibutabl to any ross negligence on the part of is chairperson, managing director, anyother deetor, manage, secretary or other officer ofthe credit information company othe credt ition, such chaiperson, managing director, ay ther recor, manager, secretary of other officer sbll also be deemed to be guilty of that 'conraventon or deta and albelable tobe proeeded against and punished according esplanaton-— for the purposes ofthis vein, = we (a) company means anybody corporate ad intades a firm oot association of india, and (6) "iret0 a relation fe, means parte inthe firm 24, (1) no our shall take copsiance of any offence commited by a member of a credit information company and punishable under section 23 xcept upon complaint in 'rng made by an oftcer of the cre information company generally or specially auhorives invi in hs behalf by the credit information company or ifs rected by the reserve burksoto dean no cour other thn hat of metopoitan magistrate ora judicial magistrate ofthe fst clas or ay court sperioe thereto shal ry any such offence explanation —for the purposes of thi ub-setion, "member of credit information 'company shall mean a member refered tin section 1s ca romeo rey(2) no cour sal tke cognizance of any offence commited by a credit information 'company punishable under section 23 except upon complaint in wring made by an officer 'tthe reserve bank general or specially authorised in writing in thi bebalby the reserve {bank and no court tbe than tat of a metopolian magistrate ora judicial magistrate of the frst lasso any cour superior thereto shally any such oflence, 25,(1) notwithstanding anything contained in setion 23, fa contravention o default 'ofthe nature refered oi sub-section (2) fection 22 or sub-section (2) or sub-section (3) 'esub-secion (4) of section 23, athe case may be, ismade bya cet information company 'eacredt istiton the, te reserve bark may impose on such credit information company 'or ereditinsttuton— (a where the conraveton i ofthe nature refered 10 i sub-section (2) of section 22,4 penay not exceeding one lk upecs (ay where the contravention i ofthe nature referred 10 in sub-sesio (2) ot subset (3) of ection 25, 4 penalty not exceeding one re; {ui where the contravention bof then refered 1 in subsection (4) of section penalty na exceeding one akh rupees a where such contravention ot <efelticontinang one, fares penalty which may exten to ive howsand pecs aerettn dy, ae the fst daring which the contravention or deft continues {@) for the purpose of judging the penalty under sub-section (the reserve bak stall save notice on credit information company x credit insittion or specified wet 8 /@ dhe cave nay be, requiring ito show cause a0 why the umount mentioned in he notes te a iponed as pony and reasonable opportunity of being heard sal also be 'ponto much cet information company or credit isto or specified wer the case maybe {@)nocompla shale file agaistret infomation company ore fasion spect aacras he ease ay be, any out of in respect of my coaverton or sapere eapect of which any penalty has been imposed bythe reserve bak under this section (¥any penalty imposed by the reserve bank under this act hall be apable wins eriod ot fourezn dys om he ate on which node ne byte reserve bank demanding 22 vest th sum served on he credit formation company ered inition or amid we, she cave maybe, andi the ever of fale of wach ret information veestnnyorredcisation or specified sett pay the sum within auch period, may be errr a diection made byte principal hil cout having jurisdiction inthe area where victeyere ceo credit formation compary ox ered ntituon or speci we 25° cise tepany, sited and incase of ced institon icorpormed ous india 'ner ks principal place of business in inia situated provided that such direction under this sub-section shall be made only upon an pplicton made i this baal othe court bythe reserve bank "g) the cout which makes a diction under suseton 4 shall ine cert 3 meticug therein re sun payable by acre information company or cre intitation of 'wetied oer asthe ave may be, and ever sh cri sab efrceable the ae 'banner ait were «decree made bythe court inci su {6 where any complain has ben filed agai rd information company or ted nina or spl ura the cane ray be many cot in respect ofthe contravention s's saat of te nature refered ton sub-section (2) of setion 22 and sub-section (2) ston) or aubaeton (2) of ection 23, then, no proceedings fo the imposition of see say on th ered information company or credit intinton or specified we sal te taken under this ton aoeenon of 24 a cout posing ay ne under this act may ie that he woe cay it erecta be sple  ortowards payment of the css of the proceeding, fr such purposes a maybe directed by the cour  chaptervitl mice anotstinea {the reserve bask may specify by regulations the maxima aout of fees evisble 45 unde eton gf sion 14 for providing information tthe pei wers ad a crt nstatins or cet information companies as 4 member of x cet information company 28, no cirperson decor, member, ator, advise, officer or other employes of agent eaployed the snes of ced formation company or in the busines of « eel ded ac shal except fo the purposes ofthis act or when required 10 dos by a7 arctan force or court or tibunal or suthority, disclose any information wo any person 5 29, (1) every credit infomation company shal observe, except a otherwise eaured tye tpn and usages customary among credit lformation companies an stall ear divlge ay information relating 1, tthe airs of its member or specified wes '(2) every chairperson, director, member, utr, advise, office of ther employee of eet norman campy sl bts tring on i ues, mabe declaration of fidelity and secrecy inthe form, as may be prescribed inthis een 'planation foc the purposes ofthis section and section 30 the terms "practies and wnges csterar" means sch practices and usages which are gneraly followed by 'taxi information companies or may develop in de course in relation tthe functions, iy steuance ofthe provins of this act rules and regulations made and directions ined 15 theeunder ftom time to ime ia pursuance thereof 130 (1) no wit or ter legal proceedings or prosecution shall le against the reserve proxction of bank aoe cena goverment or credit information company or credit istiution-or iat pan ther chalrpenon,dtetr, member, auditor, adviser, officer or other employee or age: iy perto eutorisd byte reserve bank othe central goverment or reditinforation 120 reaiy or rei inston to dicharge ary function under this act, for any loss or damage aed or ass kely to be extsed by anything which sin good faith done or intended tobe 'done, in pursuance ofthis act or anyother lew forthe time being in oce (2) nothing contained in ub-sectio (1) shal fect he rght of any perion toca damages ogninn' eet information company, » credit intntion of thr churpervon, 45 recor member, audit, adviser, oie of othe employee or agent a8 the case may by 'acpecr of tos eased fo him on account of any sch disclosure made by anyone of them eee) is wtoraed or raudaleto otray to provisions ofthis aet, or pratces taages customary among them, |, no court authority sal have or be ened to exercise, any jurisdiction, powers meio '30 censor caepte supreme cou ends high court exercising juaicton nde aries ine sosne ue 227 ofthe const, a eation othe mer refered ton sections 4,8, 6, tad 1 '52, (1) the central government nay, on the recommendation ofthe reserve bankby owe evihcuid irte oficial guz ret tia any oral ofthe provisions of is act stall 9k, sss 3 rein cao ompry redken, he cs ay orc 'eee yr for ch period and subj fo ch exeonso modientons, a maybe frentioned in that notation 2) acopy ofevery notifstion propoed tobe unued under vb-secton (1), shall betas ara before céch house of purinment, while it isin sein, fr atta period te brinrty days which may be comprised in ome seston or in two or more succes sesine aed ue before the expiry of the session bmmedatly following the session of atom uve series aforesaid, both houses wpe in disapproving the isn of tbe 'moancation or bath houses agree in maklag any modification inthe notification, ne metinrtion shall nat be seed as the case may be, shall be bswed only in uc '45 modifed form as may be agreed upon by beth the howes; 43 the provisions of hs ac sabe in dona oo sven provided under aare ne eee ee ath provision oft companies ac 156 rany ober forte so feety time being in force 34 the eciments metioned inthe schedule to this act shal be amended in he venient of 'sp manner specified therein ue over me 15 () any ite arivs in giving eect tthe provsion of i act th cen! cove a oy der publibed inte oficial gazet, make such provisions not gover os the proisns ofthe act as appetite necessary of expedient fo removing the difcaly ei thas order shal be made under his section afer the expiry ofa period of wo year from the cosamencement ofthis as 2) every order made unr his seton sal be laid a oom a maybe afer 6 made before each howse of parliament "j up te canal goverment may afer constaton with the reserve bank: py one sil gane, make aes ocr othe provisions of sac: 1 zy partly ob freeing powe ep rules may povie for all any ofthe folowing mates, namely 'aye sepa tobe aen by every cre inferason company ore inion a ned er for esuringsecorncy completes ofan and protection of a 'io ess or unathored acess ruse of dslosre der scion 19, 1" "dyin orn in wich sasetion (2) of section 29 declaration ofan eee al be mae der "any otber mater which required to be, of may be, prescribe (ay tvcy remade by the cena goverment under ti act salad 008 anny 1 fare tae before each howse of arament we tin session for as 2° ry iy ay wh maybe comprise i one eon of wot os se dero of ce the ext ofthe ession smd folowing the seen seon arent, bah howes gre fn making amy dition ne ie soccer thule should note mae, th sal eee ve ett both uss ares nett fe nh cse yb, homee, ta ay ach, 4° in sac modi etal bout pede whe vay anything ewes" 'done under that rule fc) the reerve bank may make regulon consistent wth he provisions of 'act ad te rales made thereunder to carry ou the purpose ofthe ac "2) marca without paint erat the fegsing wer teh 3° regulsons ay provide forall or ary othe folowing mars, name 'enthe pernons or institions which may be specie as speed users wer lass (of section 2; "yt form a which aplication maybe mage under subetion(t ofaeton «and anne of filing sich appieton under that sub-section; " {cynic cet fomaton company my ea der arc} of subesetion (1) of seton 14; {athe form of ote fo ealction and fusing of information procs ini tnd purposes for whieh cred formation my be provide under saseetions (7) and (2) of section 17; 40 teh pices nd procedures relingt cel infomaion which may pe specified under clase (of section 20; ithe wun wich ny required to ep for bing copy of infornaton under sub-section (2) of section 215 "@)he maxima amount of charges payable under section 27, eyo epltin wean ye fers made by se revere ba as us exw eeeta covernment nth goverment sal ae a copy of forwarded ceo of pariament, hie sim session, fr oa period of be ed cong oe pn of iwo wr mere resets ei dp whieh eon metal owing ewe ote en  s fre tn ex oar ape making any mdieation nhrepulalion, oo, sie pln oul nthe made; esto sal ore, soas set ero of ee she cae may be 0, dowel io cr anuent sl be witout prejudice wo the wait of anh 'boe unde that reqsation  aves 10 cern enactients parte5 "tre rusenve ban or i ac, 1934 @ or 1934) section 45e,sub-setion (2) ae lause (6), nse "dhe dnlosuts of any credit information under the cred infomation 'companies regulation act, 2008 10 parti the basu rigllaton ac, 1948 {wc 1989) 1 section 19, afer sub-setin (j), ier © (save as provided clause (of sub-setion(), banking company may foams sdtay brpany weary onthe business fred infomation inascordans® rer te credit formation companies (regulation) act, 2004 2 section 2, fo "publish any information obtained by them under this actin sch comsolidted frm as they think fi subsite publish ech consolidated fort ed (a) any information obtained by them under tis ast as they think i {yin such maner ws they may consider proper, ty ret inermation iaeloned under he credit formation companies (repultion) ack, 204" 1s part tt 'iw stare financ comoran act, 1981 (630r 1950) section 40, wer sub-section (3), inser = nothing cortained in this section shal apply othe credit formation acta dere credit nfrmation companies regulation) ac, 2004"  partiv "te start bano irs act 1988 @30f 1955) 'ection 44, ser sub-section (2), inser13) nothing comaine nh seton sal apply se cet information 25 dichoad under the credit information companies (regulation) act 2004" party "tye suae ba of iona (sussnany bass) act 1959 (8er1959) section $2 fer subsection (2, inset 1g) nothing contained nhs ton shal apply tte credit formation dele under be cre ttormation companies (regslation) act, 2008"  parte1961 "tw devos sexe axo c1 guatabee coronation a, (67 0" 1961) section 3, afr sub-section (2, asert— 3) nothing contained inthis section shall apply tothe credit information 5 iscloued under the credit formation companies (regulation) act, 2004"  part vil"twe sarr acmacocmuna, cxsrr coaronarions ar, 1968 (60 1968) section 40, insert - provides that nothing contained inthis section shall apply to the credit information disclosed under the credit information companies (regulation) act, 2008 part vil umn avo teansvn of unrate) act, 1970, "te basen conan (a (sor 1970) section 13, fe sub-section (2), inser - (4) nothing contained in this section shall apply to the credit information iscloned under the credit information companies (regulation) act, 2004  partixrn of unum acs) act, 1980 "tx brin conan (acueton ax0 than (40 or 1980) section 13, fe sub-section (3), inser a) noting comtaied in hs section shall apply tothe eet information ictus under te credit information companies (regulation) act, 2004"  part x "tw onto bank of ina act, 198 @hor981)'section 30, fer sub-section (3) sar-— w(d nothing contained in hi tion shal apply so the credit information ischouat under the credit information companies (regulation) act, 2004", (6101981) 'section 51, afer sub-section (2), iser-— (3) nothing contained inthis setion shall apply to he credit formation islet under th credit information companies (regulation) act, 2008", rs part xi"tue ponuc fave instron (oausst0n as 10 fiery an sectcy) act, 1983 (481983) section 3, er svb-etion (2), insert © "(3) nothing contained in this section shal apply to the cred information disclosed under the credit information companies (repulaton), act 2008"  part xii 'te nanna, housima baws act, 1987(s306 1987) 1e section 4, ater sub-section (2) insert (3) nothing contained inthis tion shall apply tothe eet informatio dsloned under the credit information companies (regulation) act, 2004" part xiv iz "tie reco ruma barns act 1976 21061976) section 25, afer sub-section 2), ser-— "() nothing contained inthis ection shall apply to the eet information disclosed under the credit information companies (regaltion) act, 2004"se ioduction of gace reform ta rot 0 fe ihe een of performing asc (npas) athe management of npas i the banking system tthas become mer aren cron of tes asin se king ec ost ficient ys nmin on owes a5 is tpn ced sk maman this context frei feo an degen, camrcteave and reliable iformaen 7 the the eu ani nas hs beefy the rese dano a, soom overmen ed tions nl te eyes ine bakin 'and financial sector the reserve ban of nda consign 1 working gru pot the possi farting op a cre ifornation buen (cb) te "working group observe {att would not be posible seu sori recit nformaton company within he tat woot merork te ep rbiion on dona of nore comaied in exigent ere san ean nts vedi ea eintrmation comp bese he pe ees as ra ang chae aot be rese bakes) 90) and bank na dan mts nancies crete sorwce % arse attain therefore, amensiments would be requ meshing group submited i repor in octobe, 1999 'ee enctment of leslation fr fitating cect caret sposed bureau ud (2) to amend cern acts rel infomation with he said burs 4 acreit information buren (india) ld, bein ender tne companies act, 1986, has leady een up wnt com legate pg te bance proposed 10 ro aly cred ifrmation company reson 12004 for are companies wat fae ee dition of 'the il er ai, contains provision ft— "ca phn to emmence or arcane fret ngrmaen ware canny cenit of registration fom te reserve banko nis ty procedure for making pein ora it sein en eter concerto often fren ad ea fe lcan or pmo ete reirton a aes tion of erica of requirement of minimum capita {dy anigement of redit information companies (e rocering yor won he re bak fn wang oo eng of ret information compan and ong rion etn ender yer in sis ft mao {p tases of eet infomation by red niraton amen {4 colton a uring of re nrmaon compares (i powers ad duties of auditors; (baling of member by cretion of tet infrmain sar )esormaton privacy princes (hy aterton of ret norman files and ret ep {oreplision of srmaorzed aces ore norma: 2» (offences and penis (obligations aso fidelity and seee=y; (ey resoition of iste tween ereitinsttions and ere information com panies or between credit ius and their borrowers (p) exemption frm any orl be provisions of he proposed iexislaton any rei fnformaton company or credit institution; and gq) amending cerainenncimess specifi in the sehedule tthe bil 09810 permit clue of cred information under the proposed ign 4, the existing legions in fore do not adress these aspect of red information companies nd their functioning, 'th bil sec to acheve he above objectives new deu chidambaram the 25h august, 2008, notes on closes tase 2-— this clause defines certain expressions used in the bill 'clouse 3— this clase rele to prion o commen or ear on snes of cei cn conpary,iprovies arn campany sal ene ove pos crdtinforesegutnin commence ray othe basis feito 0! in rie of eiaion foe reserve bank ude his propose eat 'cowe4-—thisclnse coins rovion for making aplication by company f" regisration subclowe () eqs every company which neds commence th tng att tamale open een freon oe reno <r and manner ey be speed regulations made bythe rese bank of tin ca 'sobsclouse (2) provides that every creitinfomation compa, wich in exes a oti proper esr sal wp, etree xp) oe er conmencrent wing toh reserv banker otinning seo tt nudes proposed nisin, however ch eit nformatin op etree rayon wes of eet inoaton uli reso sae cyte ning formed bythe re han tnt rien of registration cannot be pasted 10 'clow 3 tis clase contains provisions or rant of cent ofregisaion 12 commence or cary onthe business of credit information 'bcos rue the reserve bask ft pps of casing te pass eta company abe ssid by a npeton of sors boks of wich ome a tn aplcan copary hs cima ap riche feed 6 athe agement the roped mage ft pic oman gh ethene of sci ws, ct dan sy be tii s(t yr condone alien which nth omen 'fort ole pecs wes ate conmenceent of catyne ss ofthe ree ped infratin by he apa compary sal ot be deinen) ta ath pbk res raking oi redo ot hd pei er rote cred infomation companies others who would src information to the eredt nkrmation companies sub-ctase (2) confers power spon the reserve bak fo gant cereale rei ape nar cence oy ome cet reer 'foun estos condos which ny conser to lnpoi and fe ey conatons aya te proves of pepned cs sa recive cmpry sal be reece ae the pica at been bes 2 'oppor of being heard "came 6-— this ete tthe power of reserve baio cancsl erie registration, tare powe upon te reserve bank wo cancel certificate of erwin reir rd norton compay snd spc (2) fn © et a are ute beso red formation: (sed ooo {pce smjc wo which te cere of epson ba en be) 0 un acany te fils to full ay ofthe "ondansetron sb-lauses (2) 0) of (uy a able 2) of le 5 (fa comely wi pr sata (gn fre ovary dectontaued by he rese bal oe 1 es pn enfant eo i mapas oe fe es levan dormers when 0 demanded the oie peto or spy feted to in ub-clawse (7) of aus 12  via ibareia sis betes ees il erie eawis also proposed to provide that a orer of ancellation of eta of istration _grimted toa credit information company shall be made by the reserve bank unless such 'company has bee gven a reasonable opportunity of being heard clause 7 - this clase provides fr making an appeal agaist the order of reserve 'bank acredit information company aggrieved bythe order of rejection ofan application fexgran ofcerifcat of eistration under clase sor ancllation of ertieae oregon under clause 6, may prefer an appeal 0 the cerra government, within a perio of hy {ays om the date on which such order of rejection or cancellation is communicated to he {reditinformation company the decision of he cental government, where an appeal hs eon prefered to under sub-clause (0, oof he reserve bank where no such pps has been preferred, shal be fal however before making ay order of ejection of an appeal, the applicant company othe fed information company ath case may be, sal be given t reasonable opportaiyof beng heard clouse 8 - this close specifies minimum capa requirement for every eet information compan 1 provides that the authorised capital of every credit information company shall be a minimum of they coves this clause confers power upon the reserve 'bank to ineeae, by notifeton the minimum amount of authorised capital wo any arpount sot exceding fy crores ie farther pif thatthe issued capital of every credit information company shall rot be less than twenty crores, however the reserve bank an, by notification increase the sued eal o any amu ot exceeding the minimum amount of authorised capital as feferred inthis clase this clause aso provides thatthe minimum pid up capital of every 'edi information company a anytime shall not be les than seventy five pe cent, ofthe ieued apt case 9— this clause contains provisions for management ofa credit information company, a 'subclawe (i) provides hat, every credit information company in existence on the commencement ofthis proposed legislation, o which comes into existence thereafter sal 'ouwithsanding anything contained in any la forthe tine being fore, or in any contact tote contrary have one ots decors, wh may'be appointed on whole ime ron apart tine basi an zairperson ofits board of diets, nd where e i appointed on whole time 'rats a chairperson of its board, he al eerrstd withthe management of the whol of thealfirsof the cedit information company however, the cairperon ofthe board ofthe {edt infomation company hall exercise hs powers subjectto the superintendence conto nd directions ofthe board 'subclouse (2) requites, in ese a chaiperaon ofthe crit information company is appointed ona prt tine bass, he management of whole the aio the credit inermaton 'bispany sal be entrusted to & managing director oa whole ime director by whatever hime called, who shall exerie it powers subject to the superintendence, contol and 'rections ofthe board subaru tt bord of der al (aon oe =a cen ohne ct) cons oft hn yp se edge ene ofthe mater eine ps simin reer sring, finance, aecourtancy, management and information| subtowe (4 regis te board of every cred information comeeny, se ote panto con ines priest dere sof ace er ch natn rte lets borowers of ksi 'subclone (5) provides that the reserve bank of nia iis sted ha 9 pe eee a king poly test stm fe coum ering talks of ny ret information company beng nsseee ai revenge re fing ply oes dorowes ot asme desman oe ropr management oy cet formation company eee 0 "subelawe (6 confers power epon the reserve banko epost on peeing the bound ofa credit information company under sub-class (9, 'be fasand en such salary and oer ters nd codons a may determin subclase (7) confers power pon the reserve bank ole sch deco 9 ee ed tr case (2 emay ew appropri and tne amino 'hal be bound follow sch directions cee cof spersesion, vac their ies ms such (1) a tnd dais which may, by or under the provisions tilt ray oe ie fo tee bln fe easier the board of sch credit information company etait ompany, shall nl he reconstitution es in ey th amina apont te rees be exec ee power ceed by nami sal ald oe ie (no urea aed inte erasing och ek lnformation company sos coe (9) provides hat he sla and atlowancs payable the adm snd st atcng ne ama sal be bar® by he re iefrmain cop subcom (j) poses blgion apn the administ ofthe te een) com tnt fore expan eto month bles ae period of samat ated ne oe of he rese nk ic we on 'reral meting ofthe cedtinforaton pany lect new diestors and eons is rc met chd vcd cer ander sie) orcas (ln teecmed a be disused for re-appointment 'ubclawe 1) proidestat mtberenova fpr om oie wie aon natn oithsending ang conned any iw re ns 'ein force or nam contactor the memorandum or articles of association ofthe credit information 'company, beentiled to claim any compensation for he los or termination of office clase 10— this clase confers power upon te reserve bank to determine policy it provides that in case the reverve bak, itis satisfied tha tis mecesary o expedient in the public interest orn the intrest of specified wer or inthe interest of credit information "companies or credit itittions or iets or borowers soto, may determine the policy in {elation to functioning of ered information companies or credit instutons of specified ters generally o in particular al credit information companies credit institutions and specified users shall be bound to follow the policy a o determined, (clase 11 - this clause confers power upon the reserve ban o give direction 'sub-clewse() provides thatthe reserve bank may, from time totime, sue directions to rei information companies o red institions or specified wer generally orto any {rediinfrmation company or credit istiation or speci! wer in parca, and such edi information companies, credit istiutions or specifi wers or ered information 'company or ced nttuton and pci user, shal be bound o comply with such diretions 'te directions shal beled bythe reserve bank iit is said hat such diretions are neces (0 the pli interest; ri) the intrest of ret intiuins; (i) in the inserest of speci wer; or () inthe intrest of barking policy or () to prevent the its of any credit lnrmation company being conducted in a manner detimental 1 the interest of specified users or in manner pejuicia to the interests of redi institutions of 'orrowerso lens or (1 secre the proper management of cred informaion companies 'penerly 'sub-clause (2) confers power up se reserve bank to modify or cancel, theron representation mace to i or on fs own rotor aay direction sued under sub<lause () 'the reserve bank, may, a 0 modifying or canceling such dren, impose uch conditions 1 think fi, aubject to which such modiiation or cancelation shall have effet 'subsclawe(3) provides thatthe reserve bank may at ary ime iis sated hain the public interest or inthe fnterest ofa credit information company or is ember, ts 'econ 0 do, by order in writing aon sch terms and condton as maybe specified therein (require any eet information company to cll a meeting os directors forthe purpose of considering any mater relating 1 of arising out of the affairs ofthe credit frration company i) depute one or ore of ks officers to watch the proceedings at ary medting of he bord othe credit information company o of any commie o of any other body ensued by itand requis the credit information company tive an opportunity 19 the otoer so deputed tobe heard at such meeting and also fequir uch officer to und @ 'porto ich proceedings the reserve bank; i require the board ofthe creiinformation 'company orc any commtee or any other body constiuted by itt give in writing to my siler depued by the reserve bank inthis behalf this usual adress a moices of, and 'ther communications relating 10, any meeting ofthe board, commitee or other body 'onstwed by it (h) appoint one or oreo its fiers fo oburve te manner in which he affi ofthe credit information company or ofits fies or branches are being conducted "intake rept thereon (v) require th credit information company to make, witin such time as may be specified in the order, such changes in the management as the reserve bank 'may consider necessity 'subclawse (4), inter lia, confers power upon the reserve bank to direct any credit information company to furnish r wih such time as may be specified by the reserve bank sch materents and information relating to the business or affairs ofthe credit information company asf may consider necessary or expedient to obtain forthe purpose of this propose lesion, cause !2-—tisclause contains provisions relating to inspection of edit information company, cei insttion and speci use "suhclose (1) provides thatthe reserve bank may, a anytime, notwithstanding nything tothe comin contained incase 235 ofthe compancs at 1956, and on being se oe go by te cental governmeat shal, cause an inspection of any credit ieee capun reed instaio or apecifed wes andthe books and accounts of irre nfraton company or eed insta or speed sr and he boks and aa ere nepection may be made by one or mote of officers ofthe reserve bank of 'ronpnsuch tar persons rageney as ity determine further vides tht he reserve cantata supy tthe eed information company or credit insiution of specified uses, he ease may be, copy of ks report on such inspection 'subs clause (2) irposesa ty upon every director or oter officer or employes ofthe credit infoomation company, ceditinstition and specified ue to produce to ary office or serum ot agency as the case may be, making an inspection nde ubase (al such rae oka td oer documents in is custody or power and 1 finish him with sy aoa cad informatio fain ote ais of such creditinformaton company rede aan te pele sets the i fet of person or ageney may rewire of hit 'bahn sac me as dhe sd oie or person or agency may spe "suh-clowe (3) provides thatthe any officer ofthe reserve bank of person or an agency making a ingestion under sub-lase () may examine ov oath ary eof of cae maer ok employes of the ert information company oeeatinstution or spciiod sae relation ater busines, and may administer an cath accordingly "subclose (4) provides thatthe expenses of, ricer othe lnspetion under sb cms {ih 0 any ofl or person oa agency referred in ub-siawe() shal be bore by hane ct foreaion company or credit ston specified wer, a the case may de 'clawe 1— tin clase contains provisions relatingto powers and duis of auditors 'subclause poses a duty upon every autor of credit information company fo inquire miter or note credit infrmation crmpany has fussed othe reserve bak cea eents, infomation or pariculas relating 10 i business a ae required 0 be ad under ta proposed lebislation the aioe required to make  epet cthe tase gunk ta hn repard excep in cases where he 6 safe on suc inquy tha the aire aformation compar has fursshed sucha statement, information or particular 'sudslause (2 provides thatthe reserve bank may onbeing sais ta it isnecessary soto dara the publ interest rn he ineret of credit sysem sue drecton in parila ere eral eth espet to ait of the cred ffoematon company and submision of 'eport othe reserve bank 'subelause (3), mer alia, confers power upon the reserve bank wo direct, by dees shat pecan al conducted othe accounts of te eet infomation compar aarsroe sen sch tension or ls of transaction ofr sch period or prods, ar) sessed inthe ode the reserve bank may, by such oreo by a separ rat, vs maint an aur or wars or direct the ator of tbe credit infermation company ne reduct uch pein wudit and the autor shal comply with uch directions ene be got of nach aut to he reserve bank an forward a copy teen he eet information company "subcleuse (4) confers power upon the reserve bank 1 fx ar at network ved inthe audi remain ofthe mators and the eens, a etal he a sal be borne by he reat information company v0 i lowe 14—thisclawse specifies the funtion of ret information compa 'susclaue() provides tht he red information company may engage ay fms et tus nual, (a) to collect, proces and collate information on tad, cet aot ot ene ofte beromers of ie credit itiaion which amen ofthe ret lnfomation sompary (bt provide ceitinforaton ots specified usersarto the specified 'ers of my oer eet information company orto any othe red infrmation company 'hing member (to provide credit scoring 08 specified users or specified wserso ny 'ter reditinfommaion sompay oro ther credit information companies being its members (co undertake research pojestand («) 6 undertake any other form of business which the reserve bank may, speci by regions, sa form of busines in which itis awful fora 'edi information company o engage hy 'subcleuse (2) prohibit the credit information company to engage in any form of busines the than those refered tn sab<lause (i), 'sub-lawse (3) provides that any credit information company forthe purposes of caryng on the business of credit information may (a ester credit insttutlons and other 'edit information companies, their option as its member, subject 0 such tems and conditions as may be pre-determined and diclosed by such credit infrmation company; {gb} charge such reasonable amount of fees, 8 may deem appropriate not exceeding the fnuximum fee, a8 may be specified under cause 27, for furnishing credit information to a specified use, an (c) generally o doll sich other acs and perform such othe functions as [tenecesary to alia proper condt fis afi, business and functions, n accordance 'withthe provisions of hs proposed legislation clause 15 - tie clause egures every credit instution to be member of teas one «eit information company 'sub-clause (1) provides that every cred insitton, i exseneon the commencement 'ofthis proposed lepsation before the expiry of tree mors ffm such commencement or 'iin uch extended perio, nthe reserve hank ay llow,onitsaplication and subject to being sted for extension shal bese member ofa east one cred infomation company 'subsclase (2 provides that every credit institution which comes ito existence afer the commencement of thi proposed legislation, before the expiry of tree months fom is 'coming into ennlence, or within such extended pie, asthe reserve bank may allow on "ppliction an subjesto being sated aboutthe reason fr extension, shal become member 'fat least one credit information company 'sudsclase (provides that cet infrmation company may, att option, beeome member of another ret information company, 'subclawse (4 provides that no credit information company shall refse to epster a edi stun or another eredt information cormpany as ts member without providing 'eascrabe oppor of being ear auch ered tation or cei information company tehoweapliaion it propose o reject and recording reasons for such rejection anda copy 'st such oder of ejection shal be forwarded to the reserve bank 'subclawe (5 allows ace insti or ert information company agureved by the orderoftejecon ofits pplication forts registrations amember of credit infermation 'ornpany under sub-clause (4) t prefer an appeal tothe reserv bank, win a period of 'hiny days for the date on which sich oder of reection was communicated nit however, he reverve back may saisted tha the appellant was prevented by scent cause {fom fling the appeal within the sd period, allow itt be ied within futher period not exceeding hry days 'sub-leuse (6 provides that on eclp ofan pes! under sub<lase te reserve 'bank afer giving the appellant and her concerned partes, an opporuniyof being hear, ps uch der as it deems it inthis regard 'subclaue (7) provides that the decision ofthe reserve bank where an appeal has 'ben refered tot uner sub-clause (5) shall be fn and he order ofthe credit infpmation company wer sub-clause (4 shal be nal afer the expiy of sai period of tity days 'where no appeal has boon prefered under that sub-clause fo the reserve bank bles (6 gives right every pied we to obtain creiinfrmation fs se see formation company of which ich specified se sa member, "clame 16 this claus contains provisions in respectf lure to decome amembet otaclafomation compar, incase acreditirtation abi fo becoming amen cea noe red information company ota ary tine nt a member of wy ott a ee capa he reserve bak suo moto or o8acomplant oma cre informaon snr nay dct such rei stink meses ps win sch ine sas becoe «membet of crit information company fa credit aon iy speci ih ne eens ofte reserve bank to bcome member of ala one aa epebclon company, the reserve bank may, witout psjudice tthe provision of 'tis proposed lettin, imate uc ire 1 any ter authority fr aking sh ation asitmay dem fit 'cowie 17 ths clause relates to cllection and faising of ret information 'subslouse (j) proviesthat edit information company any person autor har eto the company nay by ice in wring in such frm, a maybe spciied tr taton ade byte reserve bank or at nea tere, requ s members png te afsmaton company fis uch reat information as km em aaetrnry in accordance with this proposed lesson "subslewe (2) povies tat every cet inttton which is member ofthe ce infor repay ta every ered nformaion company which sa meme of et anton company, shal on receipt of tice unde b-laue (provide eae cred nore cred normation company of which isa member within such period ray be specie nthe note, "sbfouse (3) provides tat very credit information company sal provide or orp asa besesie by region he rede fran reed ona perpot specie wer on rec ofeqes mi nscorance wh he prc cy eon ego ad diction, hued thereunder bythe reserve bank fom time to ime inthis beal ub-lawe (4 provides tat cet information ceived byte ced forma compan il be docloned yo any pron ober than speci veo by te eect care be disclosed wo any cher person; recived, by the cre information ompety sa duet lb dled for ny ber purpose tan pelted or egue py shy other lw forthe ne being in force 'cause 18 - this lus relates to seteent of daptesmongt red information companies, eet intntions borrowers and cliens "ticlawe provide thatifany pu ares amongst credit information compen cedh entatons fs borowers wdc on mater relaing busines of eatin cp yo remedy hasbeen provided under this roped egaion wel prs an eed by contain or arbiraton provided inthe abrasion and cone ot? dato pariesta the spt have consid in wring fr dtericaion eh ee concn ex wration and provision of tat act stall apy asain "were asp ha een refered 1 aratin, the sume sal be etd or decided pierce be pind the reeve bak it fare provides tie re oy ea asd cocto ac, 196 (exces ober provided wnt 8 ot aegon) slap wall raion proceeigunder hs ropes ce ope igs fx eon were refered fr selene decision under the rowan ofthe arion ae conciliation at 1998 'cause 19-— this elmse imposes an obligation ona re iformaton open ed i er pated set, wb sn possesion or cota fee inet) ao oc esses) aye pvsibd aes taker ee et formation nannned by hem aca, come go te a a yo ud nen oo esto! dco eo: coxse 20 - this clause elatesopivacy principles oe adopts an followed by every credit information company credit stitution and specified wer in elation to ered information 'subsclouse (j) provides that every credit information company, rei isiution and specified user shall adopt the privacy principles in relation to collection, processing, calling ecording, preservation, serey, sharing and usage of eet information, the 'privacy principles ob followed are mentioned in sub-clause, ame, () which may be followed by every credit inettaton for collection of information trom s borowers and 'hens; and by every ered information company, fr collection of information fom fnomber eredtinttuions of credit information companies, for rocesing, recording, protecting the data lating to credit inoematon fanished by or obtained frm their member 'edit instittions or rei information companies, s the case may be, and sharing of such data wth specified users (i) which may be adopted by every specified user for provesing, tevordng, protecting the data reltng to credit information fumished, or receive, ws the ave maybe, by h(i) which may be adoped by every eet information company for showing accesso recres containing red information of brrowers and clients and aheraion 'such records case of need to do 50 (6) the purposes fr which he eet information 'nay be used, resricton on sch use and dclosre thereof the extent of obligation 0 check accuracy of credit information before furnishing of such information to credit {ntormation companies or tedt instiutions or specified users, asthe case may be; (db preservation fred infomation mained by every credit information company, credit inntation and specified ws, a the ease may be, (inching the period for which suche information may be maintained, manner of deletion of such information and maintenance of records of eedt information); f) networking of credit information companies, credit tratiaons and specified wses trough eletonic mode; and () any oter principles and procedures relating w eet information which the reserve bank my consider ecestary hd appropriate and my specify by regulations 'clase 21— this else contains provision relating to aeration of credit information 'les and ret reports 1 provides tha any person, wh applies for grantor sanction of ced fact, om any ret institution may request such isitution to furnish him a copy of the credit information obtained by such istiation from the credit information company every such 'edi tvtaton or insttin or specified wer, shall o receipt ofthe request unis he 'ony of wich cedit information subject to payment of vch charges, as maybe specified by fepuatons, by the reserve bonk in thirepard ia ced information compaay or species tarot eelit stitution in possesion or contol ofthe credit information, has nt updated the laformation maitained by wa borrower or client may request al of any of them 10 'update th information whether by making an appropri correction, or addin oc thew aon such request the credit formation company or the specified user o the credit "patton, ashe eave may be, sal tke appropriate eps to update he ced information 'thin thity days afer being requsted wo do so however the cred infrmation company tndthe spected wer ha make the correction, deletion oration inthe credit information sly er such corecton, deletion or addon hasbeen ceed a correct by concerned edi intution and no soc coreton, deletion or addin sal be made in any credit information i any dispute eating to sch erection, deletion ot addition i cases where 'ech disputes pening spending before any abirator or ius or cour andthe entries ithe books ofthe concerned ered institution shal be taken ino account fo the purposes of eed infomation ange 22 - this clause contains provislns eating to unauthorized acess to eredit 'informatio, sub-ctouse (1) provides that perso sal ave access to credit information inthe iowuetionocenrl ofa red information company ofa cred iattatono specie (ser unless the aces authorised by this proposed legislation or any oer aw forthe tine teing in fore or directed to do 30 by any court ot tibural and any such access o credit ntrmation wit uch torino deton sl be comida motored tocess to credit formation 'ubclwse (2) proves fr poise for nauboived cess 1 credit informa epost ary praca wn obtain authorised acest ed inlormation sets aera (aa be punishable with fine which may extend © one ak tubes 1 at fence and fe canines have sch wae cei wit a ht rt ica ten thomand apes fr every yon which the defi conus de uatorzed credit information shall at be taken nt aeeount for any purse "clause 23 —this clase contain provisions relating to offences and pnaties "subscleuse (i) provides tat whoever, in any rtm of oer document ot fo fo sce amie by o undo forthe prpse of sy roviion of itera geo, wily makes a internet wich te ny cael pa ore ase, wily omis to make a material sixteen, sal s onset | to men fre which may exten 0 one yea anal also able ie 'sub-clause (2) provides that ever rei iaformation company ra ret inion can tes wer italy, prong ay tr eneaing any pace neh a spe refered to ncn 20, sal be publ wih ie not excedng specadae whly point myer cedtinformaton compar eal matey | sre oor rower cen, ms th cse a bh ed ingrmaon, aan valproic to be fae, of wily os to make mae tase pal be poishable, wi fie which may extend yo oe ore "ola provident ery pron wh coves an poison oft oped sei ya er rae rnd sra te ul tf | ein yore hs roped on, ake conn et pete speed git oft ret mat son | yee pci powson is made unde this proposed egiaion | ere ch conan, hrc ofa be pn io rh pa en apesred where aconavnion tft novi 8 | a a ered ive ound rapes fr eey day daring whch he "purvention or eau contin | subclns (5) provides that in cae aconravetiono default hasbeen comming | ee company or rs ination o spec wr, a the e002 1 a laren ef covet ta waco eh | coe eran othe cet formation compa of edt atta or et sn eta bsie al beds te lly ofthe couaveton or ef | ror tal beable to be proceeded aginst and punished acordingy: | loweve sch prion shal te abe any pein! provid in hl proposes either tt coneevetone efaa we conied wits ts ore cere enreed alle igen to pevet the convention o dele 'subcause (provides tat where contravention deft has een com ee inp eee tan or pcid ut, ce ps ant rhceancommited wb coset or cnmience of tea areee ii od ge onthe pro ws capers, managing ec, hoo tay em nf fe retina com tests, nang evr, yo eto, mara sen of os sich hapa ey ofthat conan rocceded aginst and punished accordingly fel an shal be blew we italo proposed to define expressions "company" and "director used inthis clase cause 24 —this clause contains provisions relating to cognizance of offences, in provides tat no cout shal take canizance of any offence except upon complsnt in wrtiog made bya officer ofthe credit information company generally or specially sudorsed in writing nhs behalf by the ered information company or iso directed by he reserve ban, 301 do, in case oflnce commited by a member ofa credit information 'company and punishable under sub-lause (fof cause 23, efter provides that where an offence i commited by acredit information company punishable under clause 23, no cour shall tke cognizance of any offence excep upon 'omplain in writing mace by an oie ofthe reserve bank generally ospecialy authorised in-wiing inthis behalf by the reserve bank, walo provided that no cout other han tha ofa metropolitan magistrate ora util 'magistrate ofthe frat lasso any court superior thereto shal try any such offence, clause 25— this cose confers power upon the reserve bank of india to impose pena 'subsclase (1) provides for levy of penalty bythe reverve bank i specifies that a levy of penalty (e) ot exceeding one lakh rupees, where the contravention i ofthe nate feted to in vub-lase (2) of else 22, (8) penalty not exceeding one crore, where the 'conzavention iso the nature referred to a sub<iuse (2) o sub-clause (2) of ine 23 and {owhere the contravention io he natre refered in sub-clause (4) flaws 23, penalty hot exceeding on lakh rapes and where och contravention or default is continuing one 8 tarte penalty which may extend ie thousand rapes fr everyday, fer the frst during 'which the contravention or default contin, sub-clawse (2) requires the reserve bank, forthe purpose of adjudging the penalty under subselause (7), to serve notce on credit infermaton company or credit istition 'specified ser, asthe cane may be, requiring ito show cause aso why the amount mentioned inthe otce should not be imposed as peal and alo to give aresonabe opportunity of beng heard o such credit information company or credit instition or specified wer, asthe case may be, sub-clause (3) prohibits fling complain agains credit information company ot credit institution or speciied usr, as the case may be, in any court of aw in rapes of any 'oniravention or default in respect where any penalty has been imposed by the reserve bank unde his clase "subclowe (4) requires that sy penalty imposed by the reserve bank under his proposed lisltion shal be payable thin a petod of fourteen days from the date on tihch accensed bythe reserve bank demanding payment ofthe sum is served onthe, 'red nfomnation company or eed instiation or specified ser, 8 the cae maybe nthe 'rent of fale of uch cred information company ox cet institution or specified wero, a the sum within such prio, as may be levied ona sietion made by the principal ci ut having jurisdiction the area whee herepistered office fred information company 'rere instnuion or specified user, being » company, situated and in ease of credit annan incorporated ouside indi where is pinipl lac of business nd is situated 'och drcton under this sub-clause shal be made only upon an aplication made i this 'eh othe cour by the reserve bank 'subclawse (5) provides thatthe court which makes a direction under sub-clause (4) shat nse certcae mentioning therein the sum payable bya credit information company 'rere instation or specified usta the cave maybe, and every such certificate shal be hforceable the same manner as ft were a decre made by the court na civil suit 'sub-clase (6) provides tat incase any complaint has been filed against edit information company credit institution or specified use asthe case may be, in any court inespectof he conravetion or eft ofthe nature refered in sub-clause (2) of lause syst pob-claun (2) o sub-clause (2) o sub-clause (4 of claus 23, then, no pressedings fare ae iton of ary penalty onthe cred information company o credit insiaton of specified user sal be taken under his clause cause 26—thinclase relates to application of ines i provides that court imposing ny fin under te proposed elation may diet thatthe whol or ay pater shall be plied ino owas payment othe cos of th proceeding, for uch ppos ay 'be directed bythe court claw 27-— this clause relates o power ofthe reserve bank wo spesify maximum amount offs 'teonfers power upon the reserv bank to specify, by regulations, maximum amount ofa feestevable under aub-clause (3) of lmse 1 for providing information othe specie 'sersand for admissions of red istiutionso red information companies as amember tw credit information company 'clawse 28-—thisclausereltesto disclosure of information beforeany court or tribunal or autor instiuion, it provides that no chaipervon, director, member, auditor, adver, oie o other employenor agenemployed inthe business of creitinfrmation company or inthe business 'taped use shal: excep for he purposes ofthe proposed legislation or when required pe tars by any othe lin oreo court or tibunalor authority, disclose any information to any person clave 29-— this clause relates tthe obligations a oily and secrecy 'subclewe (1) provides that every credit information company shal observe, excep ws tharise required by law, the pacties and usages customary among cre information ceeipanie and shall ot vulge any information relating, ofthe afr of ts members cr pecitid ers 'sub clanse (2 requires every chairperson eto, member, auditor, adviser, oer "oroher employee of cred information company before erring upon hs dts, to make stdeturaion oils and secrecy i the form as may be prescribed in thi epard the 'ta tpntics and wages customary" would ean sch practices and unget which are tral followed by eet information companies ray develop in ue course in reltion ety fancion, ia pursuance of te proposed lgsation and rues and relations made tha ictions sued thereunder fom time tne in pursuance thereof: 'clause 30— this clause contains provisions for protection of wetlon taken good 'hth under he proposed leisation "subclawse (provides that suit other legal proceedings or prosecution shal i agains he reserve bank or he cental government or credit information company ot sea anion, o thet chaleperson, directo, member, auditr, adviser, officer o ther ployer agentorany perso autorsed bythe reserve bankr the cerra goverment srr information compan) or ced isittion wo discharge any faction unde the stopered lesen, for any os or damage cud ot sis ikl to be cased by anything pet iin good tath done or intended tobe done, n purssnceof proposed lepton of uy other law forthe ime being fore sub-clouse (2 provides that provislons contained in sub-<lnse/) sal nctaffet the sit ofan pone im garages gals ref nformation company inatnton uy ian orthen and whic is authorised or faudulent or contrary to provisions f the rcposed legislation or practices or sages customary among tem (cause 31 - thi ate relates to bar of jurisdiction of other court or authority 1n provides that no court or athority shall have, or be ented to exercise, any jurisdiction, powers or authority (except the supreme court, anda high court exercising jorsdicton under ates 32,226 and 227 ofthe constitution) in relation to the maters referred ain clases 4 5,6, 7 and 18 clase 2 this clase relates to power ofreserve bank o exempt in certain es, in confers power upon the reserve bank o exempt the creditinformation company of credit institution ia sertan cases it provides that te central government may, om the 'recommendation ofthe reserve bank, by notification inthe official gazette tect ha any 'oral ofthe provision of proposed isan sall not apply to any credit information 'company or ret institution, as the case my be ether generally o for suck period and subject to such exceptions or modification as may be mentioned in that tification italo provides tha copy of every sch ntfiation propose toe issued shall be ai in da tere each house of parament cause 33— thin laue provide that he provisions of he proposed legsation sal bein aditionto, and ot, (excep as provided under the proposed leiltion,n derogation the provisions ofthe companies act, 1986 or anyother tw forthe time being in fore (clase 34-— this clause relates to amendment of certain enactments, 1 proposes to amend the reserve bank of india act, 1934, the baking regulation 'ac 1949, the sate financial corporation ac, 1951, he stat bank of india act, 1955, he 'sate bank oii (subsidiary bank) ae, 1989, the deposit insurance and credit guarantee ccerporation act 1961, the state agia credit corporations act, 1968, the banking 'companies (acquis and transfer of underakings) act, 1970, the banking companies fn and transfer of undertakings) ac, 1980, the export import bank of india act, the natlonal bank for agriculture and rural development act, 1981, 1 institutions (obligation so fidelty and secrecy) act, 983, he nationa housing 'bank ac, 1987, andthe regonal rural banks act, 1976, inter ala, o provide that te rovstons contained inthe sd acts shal nappy to the information disclosed under the proposed iepslation clause 3$,— this clause relates to removal of dficaltes it confers powers upon the 'central government which may, if any ficult arses in giving efecto the provision of this proposed legislation, by order published in the offical gaze, make sch proviskns 'ot inconsistent wth he provisions ofthe proposed leisltion as appear ittobe necessary br expedient for removing the dificult however, no sich order sal be made under hi {laus after the expiry of «period of two years fom the commencement ofthe proposed teinlation and every order made under hs lave shal be lai, as soon as maybe afer its 'made, before each howse of pariment cause 36— this cause relates to power to make ules it confers power wpon the cental government to make rule in respect of matters specified inthe sai clause, the ules made bythe central goverment shal be published in 'he official gazete and be lid before ea house of pariment clawe 37 - this luse relates to power of reserve bank o make regulations ie confers power up the reserv bank of india o make regulations in respect of rnatters specified inthe sa clause the regulations made bythe reserve bank of india shall be published inthe official gazeta be lai before each house of parliament  [memorandum regarding delegated legislationcclouze 32 confers power upon the reserve bank of indi to exempt the credit information company ora ered institutions in certain cases it provides thatthe cental government may, by noiflnon, specify, onthe recommendation of the reerve bank of {hula that any o al ofthe provisions of proposed legislation sal ot apply to ay credit tnformation company of acrediinatittons, asthe case maybe, eter generally ox for sch eiod and subject such exception or modification as maybe mentioned in tht otic, 'hcopy avery notation proposed tae issued hal be i in draft before each house of parent, while isin session, fora toa period of thirty days which maybe comprised in 'ge sean ot in two or more aucesrveseasions if, before the expiry of the session (fmedinly following the session or te successive sesions aforesaid, both houses agree reifcapmoing the ae ofthe notation or bath houses gre inmaking any modification inne boieaton, the notation shal ot be suede, asthe case may be bal be issued 'nly in such modiied form as my be agreed upon by bot the howes 'cause 36 ofthe il empowers the central government o make ules by notion to cay out the provisions ofthe act te mater in respect of which such rls tay be trade are specie therein these maters relate, ier ala to provide forthe step 0 be {aken by every credit information company and specified user for ensuring accuracy, completeness of data at protection of aa from any loss or unauthorised access of we 'gsclorre unde ection 1: the form in which a declaration of fidelity and seerecy sal be 'nade under sub-section (2) of section 29 and anyother mater wich is equited 1 be, of maybe, prescribed 2 cine 7 ofthe bil empowers the reserve bank fe make regulations consistent "withthe provisions his act and the rues made thereunder to carryout the prposes fhe tet the mates in respect of which such regulations may be made are specified therein 'theve mates ela, 0 mer ala, the persons or isin which may be specified as specified users under clause (9 of veston 2 provide forthe form in which aplication may ho rmade under subsetion(!) of section 4 and the manner of filing such aplication under that seaction: anyother form of busines in which a credit information company may lengage under clase () of subsection (7) af section 14; the form of notice for cllstion tna fersshing of information under sub-section (1) and (2); the pices and procedures felting credinforation which maybe specified under clase of etion20, prveture 'elating thereto and purposes for which credit information may be provided: the amount 'shh could herequlred vo be paid for abaiing copy of cred information under sb sate @) of section 21 and the maximum amount of charges payable under section 27 3 the rules made bythe cental goverment and regulations made by te reserve 'bank of india shal be ad, as son a¢ may bear they a made, before each howe of patines {the mates in respect of which rules and regulations may be made are generally matersof procedure and ainistrtve deta and it isnot practicable to provide for them the bl le thedclepation of lgilatve power involved is ofa prmal carat 