The Reserve Bank of India (RBI) released the eligibility criteria for entities under ‘Specified User’ of Credit Information Companies (CICs). The requirements have the conditions for the entities eligible as Specified User of CIC under the Credit Information Companies Amendment Regulations, 2021, the central bank said in a statement. A Specified User should be a company established in the country. “The governing regulation of the Memorandum of Association of a particular company should allow the business for the support or benefit of credit institutions,” it added.

The company should also have a net worth of over Rs 2 crore and continuously meet the need. In case the entity is a company, it should not have less than three years of experience in running the business of processing information for the support or benefit of credit institutions and should have a clean track record. The entity should have a certification from CISA certified auditor that it has a strong and secure information technology system for preserving and protecting the data related to the credit information.