Module: | Priority Sector, Consumer Protection & Digital Lending
Q130: Which of the following statements regarding the Technical Working Group (TWG) are correct?
1. The TWG is required to review data reporting formats at least once a year and make recommendations.
2. The four Credit Information Companies act as the convenor of the TWG by rotation, in alphabetical order, for each calendar year.
3. The TWG's primary function is to set the annual membership fees for Credit Institutions.
4. The convenor of the TWG is appointed by the RBI for a two-year term.
Which of the statements given above is/are correct?
2. The four Credit Information Companies act as the convenor of the TWG by rotation, in alphabetical order, for each calendar year.
3. The TWG's primary function is to set the annual membership fees for Credit Institutions.
4. The convenor of the TWG is appointed by the RBI for a two-year term.
Which of the statements given above is/are correct?
✅ Correct Answer: A
The correct answer is A. Statement 1 is correct: The TWG is explicitly tasked with reviewing credit data reporting formats at least once a year and making necessary technical recommendations.
Statement 2 is correct: The convenor role of the TWG is rotated annually (for each calendar year) among the four registered CICs strictly in alphabetical order.
Statement 3 is incorrect because setting membership fees is governed directly by RBI/CICRA statutory limits, not the TWG, whose mandate is purely technical data formats.
Statement 4 is incorrect because the convenor is not appointed by the RBI for a fixed two-year term; it operates on the aforementioned one-year alphabetical rotation.
Statement 2 is correct: The convenor role of the TWG is rotated annually (for each calendar year) among the four registered CICs strictly in alphabetical order.
Statement 3 is incorrect because setting membership fees is governed directly by RBI/CICRA statutory limits, not the TWG, whose mandate is purely technical data formats.
Statement 4 is incorrect because the convenor is not appointed by the RBI for a fixed two-year term; it operates on the aforementioned one-year alphabetical rotation.