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A Credit Bureau is governed by which of the following act?
- a)Securities and Exchange Board of India Act, 1992
- b)Reserve Bank of India Act, 1934
- c)Credit Information Companies (Regulation) Act of 2005
- d)Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999
- e)None of these
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
A Credit Bureau is governed by which of the following act?a)Securities...
The correct answer is option C: Credit Information Companies (Regulation) Act of 2005.
Explanation:
A Credit Bureau is an organization that collects, maintains, and provides credit information about individuals and businesses. It plays a crucial role in the financial system by providing credit reports and scores to lenders, helping them assess the creditworthiness of borrowers.
The Credit Information Companies (Regulation) Act of 2005 governs the functioning of credit bureaus in India. Here is an explanation of why the other options are incorrect:
a) Securities and Exchange Board of India Act, 1992: This act primarily governs the securities market in India and the functioning of the Securities and Exchange Board of India (SEBI), which regulates capital markets and protects the interests of investors. It does not govern credit bureaus.
b) Reserve Bank of India Act, 1934: This act establishes the Reserve Bank of India (RBI) as the central bank of the country. While the RBI plays a vital role in regulating the banking sector and promoting the stability of the financial system, it does not directly govern credit bureaus.
d) Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999: This regulation was introduced by SEBI to govern credit rating agencies, which assess the creditworthiness of debt issuers. It does not pertain to the functioning of credit bureaus.
e) None of these: This option can be eliminated as the question specifically asks for the act that governs Credit Bureaus, and the correct answer is option C.
In conclusion, the Credit Information Companies (Regulation) Act of 2005 is the legislation that governs the functioning of Credit Bureaus in India. This act sets out the guidelines and regulations for the establishment, operation, and oversight of credit information companies, ensuring the confidentiality, accuracy, and fair use of credit information.
Explanation:
A Credit Bureau is an organization that collects, maintains, and provides credit information about individuals and businesses. It plays a crucial role in the financial system by providing credit reports and scores to lenders, helping them assess the creditworthiness of borrowers.
The Credit Information Companies (Regulation) Act of 2005 governs the functioning of credit bureaus in India. Here is an explanation of why the other options are incorrect:
a) Securities and Exchange Board of India Act, 1992: This act primarily governs the securities market in India and the functioning of the Securities and Exchange Board of India (SEBI), which regulates capital markets and protects the interests of investors. It does not govern credit bureaus.
b) Reserve Bank of India Act, 1934: This act establishes the Reserve Bank of India (RBI) as the central bank of the country. While the RBI plays a vital role in regulating the banking sector and promoting the stability of the financial system, it does not directly govern credit bureaus.
d) Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999: This regulation was introduced by SEBI to govern credit rating agencies, which assess the creditworthiness of debt issuers. It does not pertain to the functioning of credit bureaus.
e) None of these: This option can be eliminated as the question specifically asks for the act that governs Credit Bureaus, and the correct answer is option C.
In conclusion, the Credit Information Companies (Regulation) Act of 2005 is the legislation that governs the functioning of Credit Bureaus in India. This act sets out the guidelines and regulations for the establishment, operation, and oversight of credit information companies, ensuring the confidentiality, accuracy, and fair use of credit information.
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A Credit Bureau is governed by which of the following act?a)Securities...
A Credit Bureau is governed by the Credit Information Companies (Regulation) Act of 2005.
A credit bureau is a collection agency that gathers account information from various creditors and provides that information to a consumer reporting agency in the United States,
A credit bureau is a collection agency that gathers account information from various creditors and provides that information to a consumer reporting agency in the United States,
- a credit reference agency in the United Kingdom;
- a credit reporting body in Australia;
- a credit information company (CIC) in India;
- a credit registry in the Philippines.
It is not the same as a credit rating agency; it collects and gathers information from different sources.
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A Credit Bureau is governed by which of the following act?a)Securities and Exchange Board of India Act, 1992b)Reserve Bank of India Act, 1934c)Credit Information Companies (Regulation) Act of 2005d)Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999e)None of theseCorrect answer is option 'C'. Can you explain this answer?
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A Credit Bureau is governed by which of the following act?a)Securities and Exchange Board of India Act, 1992b)Reserve Bank of India Act, 1934c)Credit Information Companies (Regulation) Act of 2005d)Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999e)None of theseCorrect answer is option 'C'. Can you explain this answer? for Banking Exams 2024 is part of Banking Exams preparation. The Question and answers have been prepared according to the Banking Exams exam syllabus. Information about A Credit Bureau is governed by which of the following act?a)Securities and Exchange Board of India Act, 1992b)Reserve Bank of India Act, 1934c)Credit Information Companies (Regulation) Act of 2005d)Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999e)None of theseCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Banking Exams 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A Credit Bureau is governed by which of the following act?a)Securities and Exchange Board of India Act, 1992b)Reserve Bank of India Act, 1934c)Credit Information Companies (Regulation) Act of 2005d)Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999e)None of theseCorrect answer is option 'C'. Can you explain this answer?.
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