The Credit Information Companies (Regulation) Act, 2005.
CHAPTER III: MANAGEMENT OF CREDIT INFORMATION COMPANIES
Section 10: Power Of Reserve Bank To Determine Policy
Bare Act
Section 10
Where the Reserve Bank is satisfied that it is necessary or expedient in the public interest or in the interest of specified users or in the interest of credit information companies or credit institutions or clients or borrowers so to do, it may determine the policy in relation to functioning of credit information companies or credit institutions or specified users generally or in particular and when the policy has been so determined all credit information companies, credit institutions and specified users, as the case may be, shall be bound to follow the policy as so determined.
Simplified Act
Explanation of Section 10:
If the Reserve Bank of India (RBI) believes it is in the best interest of the public, certain users, credit information companies, credit institutions, or borrowers, it can set guidelines on how these credit information companies or institutions should operate. Once the RBI sets these guidelines, all the mentioned entities must follow them.
