"The Reserve Bank has released the eligibility criteria for entities to be categorized as 'Specified User' of Credit Information Companies (CICs)." Choose the incorrect option(s) regarding the aforesaid statement.
- AOption (a)
The criteria set out the requirements for the entities to become eligible as Specified User of CIC under the Credit Information Companies (Amendment) Regulations,2021.
- BOption (b)
The company should have a net worth of not less than ₹5 crores as per the latest audited balance sheet and should meet the requirement on a continuing basis.
- COption (c)
A 'specified user' should be a company incorporated in India or a statutory corporation established in the country.
- DOption (d)
The company shall have at least three years of experience in running the business or activity of processing information.
- EOption (e)
The criteria set out the requirements for the entities to become eligible as Specified User of CIC under clause (j) of Regulation 3 of the Credit Information Companies (Amendment) Regulations, 2021.
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Correct answer
The criteria set out the requirements for the entities to become eligible as Specified User of CIC under the Credit Information Companies (Amendment) Regulations,2021.