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RBI to consider giving Section-8 MFI firms' access to credit bureaus
Raghu Mohan New Delhi
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The Reserve Bank of India (RBI) is considering whether Section-8 companies or not-for-profit (NFP) entities involved in microfinance should get access to credit information companies (CICs).
Under the Credit Information Companies (Regulation) Act (2005), only RBI regulated entities (REs) are allowed to hook into CICs or credit bureaus – that is sharing data with and accessing it from them. This leaves out data flow to Section-8 microfinance institutions (MFIs) as only non-banking financial companies (NBFCs) dedicated to microfinance (NBFC-MFIs) are eligible.
A submission was also made to the banking regulator that Section-8 MFIs be allowed to convert to mainline NBFCs-MFIs.
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