GS Paper - 3 (Economy)

The Reserve Bank released the eligibility criteria for entities to be categorized as 'Specified User' of Credit Information Companies (CICs). The criteria set out the requirements for the entities to become eligible as Specified User of CIC under the Credit Information Companies (Amendment) Regulations, 2021.


  1. As per the requirements, a 'specified user' should be a company incorporated in India or a statutory corporation established in the country.
  2. The governing statute of the Statutory Corporation or Memorandum of Association of the Company, as the case may be, should allow the business/activity of processing of information for the support or benefit of credit institutions.
  3. The company should have a net worth of not less than Rs 2 crore as per the latest audited balance sheet, and should meet the requirement on a continuing basis.
  4. The ownership of the company shall be well diversified, as per the eligibility criteria.
  5. Further, in case the entity is a company, it should have not less than three years of experience in running the business/activity of processing information for the support or benefit of credit institutions and shall have a clean track record.
  6. The company, its promoter(s) and director(s) should not have been convicted of any offence involving moral turpitude or any economic offence.
  7. Besides, the entity should have a certification from a CISA certified auditor that it has a robust and secure information technology (IT) system in place for preserving and protecting the data relating to the credit information.