Module: | Priority Sector, Consumer Protection & Digital Lending
Q102: What requirement is specified for all Credit Institutions (CIs) regarding their membership with Credit Information Companies (CICs)?
✅ Correct Answer: B
The correct answer is B. A statutory provision and RBI directive explicitly mandate that all Credit Institutions (CIs) must become members of all the Credit Information Companies (CICs) registered with the RBI.
Currently, there are four such CICs in India.
Options A, C, and D are incorrect as they suggest partial membership, exclusivity, or threshold-based exemptions, all of which contradict the universal reporting mandate designed to prevent data fragmentation.
Currently, there are four such CICs in India.
Options A, C, and D are incorrect as they suggest partial membership, exclusivity, or threshold-based exemptions, all of which contradict the universal reporting mandate designed to prevent data fragmentation.