The Reserve Bank of India (RBI) has issued a `certificate of registration' to Experian Credit Information Company of India Private Ltd, allowing the company to commence the business of credit information. RBI issued the licence to Experian on 17 February 2010.
In a notification issued to regional rural banks, RBI has advised them to urgently initiate steps to build up database and be in readiness for effective exchange of credit information.
As per the Credit Information Companies (Regulation) Act, 2005, which has been operationalised from 14 December 2006, every credit institution in the country has to mandatorily become member of at least one credit information company within a period of three months from commencement of the Act or any extended time allowed by the RBI on application.
Under the provisions of the Credit Information Companies (Regulation) Act, 2005, "any person, who applies for grant or sanction of credit facility, from any credit institution, may request to such institution to furnish him a copy of the credit information obtained by such institution from the credit information company".
Further, every credit institution should, on receipt of such request, furnish a copy of the credit information subject to payment of charges specified by the RBI.
The maximum fee prescribed for the purpose as of now is Rs50.