NOTIFICATION
DBOD.DL. BC 49 /20.16.040/ 2009-10
October 23, 2009
Amendment of Regulation 5(1)(b) of the
Credit Information Companies Regulations, 2006
In exercise of the powers conferred by Section 37 of the Credit Information
Companies (Regulation) Act, 2005 (hereinafter the Act) the Reserve Bank of
India, being satisfied that it is necessary for carrying out the purposes of the
Act and expedient in the public interest to do so, hereby modifies the Credit
Information Companies Regulations, 2006 as under:
In Regulation 5, in sub-regulation (1), for the existing clause (b), the
following shall be substituted namely:-
'' (b) the Reserve Bank may grant further extension of such time, not exceeding
three months at a time, for the purpose of fulfilment of the conditions
stipulated in the 'in-principle approval' where it is satisfied with respect to
the cause for failure of the company to fulfil such conditions within the time
so provided.
Provided that the total time of extension so granted shall not exceed a period
of twelve months''
The amendment shall come into effect immediately.
(Anand Sinha)
Executive Director