Current Affairs · Credit Information Companies Regulations
Consider the following statements regarding Credit Information Companies (CICs) in India: Statement I: Under the CIC Act 2005, 'Specified Users' include banks, financial institutions, insurance companies, cellular service providers, and credit rating agencies. Statement II: A CIC is required to update its database within 15 days of receiving information from a member credit institution. Statement III: Borrowers have the right to request correction of their data, and CICs must resolve disputes by consulting the concerned lender within a statutory timeline. Which of the statements given above is/are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1I, II, and III
- 2Only II and III
- 3Only I and III✓
- 4Only I
Correct answer
Only I and III
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