To regulate the activities of credit information companies

To promote financial inclusion

To protect the rights of consumers

To facilitate the flow of credit

Reserve Bank of India

Securities and Exchange Board of India

Insurance Regulatory and Development Authority

Pension Fund Regulatory and Development Authority

Any information relating to the financial position of an individual or a company

Any information relating to the credit history of an individual or a company

Any information relating to the repayment history of an individual or a company

All of the above

Collecting and maintaining credit information

Processing and analyzing credit information

Disseminating credit information to lenders and other authorized entities

All of the above

The right to access their credit information

The right to dispute inaccurate or incomplete credit information

The right to be notified of any changes to their credit information

All of the above

To maintain accurate and up-to-date credit information

To ensure the confidentiality of credit information

To provide consumers with access to their credit information

All of the above

Monetary fines

Suspension or revocation of license

Criminal prosecution

All of the above

It promotes financial inclusion by making credit more accessible

It protects the rights of consumers by ensuring the accuracy and confidentiality of credit information

It facilitates the flow of credit by enabling lenders to make informed lending decisions

All of the above

Lack of awareness among consumers about their rights

Data privacy concerns

Inadequate infrastructure for credit information sharing

All of the above

It helps banks and other lenders make informed lending decisions, reducing the risk of defaults

It promotes financial inclusion by making credit more accessible to individuals and businesses

It enhances the efficiency of the financial system by facilitating the flow of credit

All of the above

Expanding the scope of credit information to include non-banking financial companies

Strengthening the data protection and privacy provisions

Introducing a framework for credit scoring

All of the above

It adopts the principles of transparency, accuracy, and consumer protection

It is in line with the recommendations of the Basel Committee on Banking Supervision

It incorporates international standards on data privacy and security

All of the above

Promoting the use of alternative data in credit assessment

Enhancing the coverage of credit information to include more individuals and businesses

Improving the accuracy and timeliness of credit information

All of the above

It facilitates access to credit for individuals and businesses, fostering entrepreneurship and investment

It promotes financial inclusion by bringing more people into the formal financial system

It enhances the efficiency of the financial system, leading to lower costs of borrowing and higher returns on savings

All of the above

Developing a national credit information repository

Raising awareness among consumers about their rights and responsibilities under the Act

Strengthening the regulatory framework for credit information companies

All of the above