Economics • Banking & FinanceMedium
Which of the following institutions in India is statutorily empowered to regulate and supervise 'Credit Information Companies (CICs)'?
A. Securities and Exchange Board of India (SEBI)
B. Insurance Regulatory and Development Authority of India (IRDAI)
C. Reserve Bank of India (RBI)✓ Correct Answer
D. National Bank for Agriculture and Rural Development (NABARD)
💡 Solution & Explanation
Credit Information Companies in India operate under the statutory oversight of the Reserve Bank of India pursuant to the Credit Information Companies Regulation Act enacted in 2005. Regulatory bodies like SEBI or IRDAI oversee capital markets and insurance sectors respectively, rather than credit bureaus. The central bank ensures these bureaus maintain data accuracy and protect consumer privacy.
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