RBI directs credit institutions to become members of CICs

Reserve Bank today said that all credit institutions should become members of all Credit Information Companies (CICs).
"It has been decided that the best option would be to mandate all Credit Institutions to become members of all CICs and moderate the membership and annual fees suitably. These instructions would be reviewed in due course," RBI said in a directive issued to Non-Banking Financial Companies (NBFCs).
As per rules, NBFCs are required to become member of at least one CIC and provide credit data to them.
Presently, there are four CICs in the country-- Credit Information Bureau (India) Limited, Equifax Credit Information Services Private Limited, Experian Credit Information Company of India Private Limited and CRIF High Mark Credit Information Services Private Limited.

On fee structure, CICs charge one-time membership fee from CIs to become their members not exceeding Rs 10,000 each.
While, the annual fees charged by the CICs to CIs shall not exceed Rs 5,000 each.