Reserve Bank of India (RBI) issued eligibility criteria for entities that harness data from credit information companies (CICs) or credit bureaus. These newly-formed guidelines said that a company’s net worth must be at least Rs 2 crore and owned and controlled by resident Indian citizens to become a designated user with a credit bureau, which comes amid accusations of lending applications with Chinese ties functioning in India.
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According to the eligibility criteria for entities to be categorised as Specified User under clause (j) of Regulation 3 of the Credit Information Companies (Amendment) Regulations, 2021:
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