Module: | Priority Sector, Consumer Protection & Digital Lending
Q128: Credit Institutions (CIs) must include in their ...... suitable provisions for obtaining Credit Information Reports (CIRs) from one or more CICs for credit decisions.
✅ Correct Answer: C
The correct answer is C. Credit Institutions are required by the regulator to formally include in their internal loan policies or credit appraisal processes suitable, binding provisions for obtaining CIRs from one or more CICs.
This ensures that all credit decisions are fundamentally based on verified, system-generated credit information rather than subjective judgment, institutionalizing robust risk management.
This ensures that all credit decisions are fundamentally based on verified, system-generated credit information rather than subjective judgment, institutionalizing robust risk management.