27. Power of Reserve Bank to specify maximum amount of fees.—The Reserve Bank may,
specify, by regulations the maximum amount of fees leviable under sub-section (3) of section 14 for
providing information to the specified users and for admissions of credit institutions or credit information
companies as a member of a credit information company.
28. Disclosure of information before any court or tribunal or authority.—No chairperson,
director, member, auditor, adviser, officer or other employee or agent employed in the business of a credit
information company or in the business of a specified user shall, except for the purposes of this Act or
when required to do so by any other law in force or court or tribunal or authority, disclose any
information to any person.
29. Obligations as to fidelity and secrecy.—(1) Every credit information company shall observe,
except as otherwise required by law, the practices and usages customary among credit information
companies and it shall not divulge any information relating to, or to the affairs of, its members or
specified users.
(2) Every chairperson, director, member, auditor, adviser, officer or other employee of a credit
information company shall, before entering upon his duties, make a declaration of fidelity and secrecy in
the form, as may be prescribed in this regard.
Explanation.—For the purposes of this section and section 30, the terms “practices and usages
customary” means such practices and usages which, are generally followed by credit information
companies or may develop in due course in relation to their functions, in pursuance of the provisions of
this Act, rules and regulations made and directions issued thereunder from time to time in pursuance
thereof.
30. Protection of action taken in good faith.—(1) No suit or other legal proceedings or prosecution
shall lie against the Reserve Bank or the Central Government or credit information company or credit
institution, or their chairperson, director, member, auditor, adviser, officer or other employee, or agent or
any person authorised by the Reserve Bank or the Central Government or credit information company or
credit institution to discharge any function under this Act, for any loss or damage caused or as is likely to
be caused by anything which is in good faith done or intended to be done, in pursuance of this Act or any
other law for the time being in force.
(2) Nothing contained in sub-section (1) shall affect the right of any person to claim damages against
a credit information company, a credit institution or their chairperson, director, member, auditor, adviser,
officer or other employee or agents, as the case may be, in respect of loss caused to him on account of any
such disclosure made by anyone of them and which is unauthorised or fraudulent or contrary to provisions
of this Act, or practices or usages customary among them.
31. Bar of jurisdiction.—No court or authority shall have, or be entitled to exercise, any jurisdiction,
powers or authority, except the Supreme Court and a High Court exercising jurisdiction under articles 32,
226 and 227 of the Constitution, in relation to the matters referred to in sections 4, 5, 6, 7 and 18.
32. Power of Reserve Bank to exempt in certain cases.—(1) The Central Government may, on the
recommendation of the Reserve Bank, by notification in the Official Gazette, direct that any or all of the
provisions of this Act shall not apply to any credit information company or a credit institution, as the case
may be, either generally or for such period and subject to such exceptions or modifications, as may be
mentioned in that notification.
(2) A copy of every notification proposed to be issued under sub-section (1), shall be laid in draft
before each House of Parliament, while it is in session, for a total period of thirty days which may be
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comprised in one session or in two or more successive sessions, and if, before the expiry of the session
immediately following the session or the successive sessions aforesaid, both Houses agree in
disapproving the issue of the notification or both Houses agree in making any modification in the
notification, the notification shall not be issued or, as the case may be, shall be issued only in such
modified form as may be agreed upon by both the Houses.
33. Application of other laws not barred.—The provisions of this Act shall be in addition to, and
not, save as provided under this Act, in derogation of, the provisions of the Companies Act,
1956 (1 of 1956) or any other law for the time being in force.
1
[33A. Powers of Reserve Bank not to apply to International Financial Services Centre.—
Notwithstanding anything contained in any other law for the time being in force, the powers exercisable
by the Reserve Bank under this Act, —
(a) shall not extend to an International Financial Services Centre set up under sub-section (1) of
section 18 of the Special Economic Zones Act, 2005 (28 of 2005);
(b) shall be exercisable by the International Financial Services Centres Authority established
under sub-section (1) of section 4 of the International Financial Services Centres Authority Act, 2019,
in so far as regulation of financial products, financial services and financial institutions that are permitted
in the International Financial Services Centres are concerned.]
34. Amendment of certain enactments.—The enactments mentioned in the Schedule to this Act
shall be amended in the manner specified therein.
35. Removal of difficulties.—(1) If any difficulty arises in giving effect to the provisions of this Act,
the Central Government may, by order published in the Official Gazette, make such provisions not
inconsistent with the provisions of this Act as appear to it to be necessary or expedient for removing the
difficulty:
Provided that no order shall be made under this section after the expiry of a period of two years from
the commencement of this Act.
(2) Every order made under this section shall be laid, as soon as may be after it is made, before each
House of Parliament.
36. Power to make rules.—(1) The Central Government may, after consultation with the Reserve
Bank, by notification in the Official Gazette, make rules to carry out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing powers, such rules may
provide for all or any of the following matters, namely:—
(a) the authority or tribunal which may be designated under sub-section (1) of section 7;
(b) the steps to be taken by every credit information company or credit institution and specified
user for ensuring accuracy, completeness of data and protection of data from any loss or unauthorised
access or use or disclosure under section 19;
(c) the form in which a declaration of fidelity and secrecy shall be made under sub-section (2) of
section 29;
(d) any other matter which is required to be, or may be, prescribed.
(3) Every rule made by the Central Government under this Act shall be laid, as soon as may be after it
is made, before each House of Parliament, while it is in session, for a total period of thirty days which
may be comprised in one session or in two or more successive sessions, and if, before the expiry of the
session immediately following the session or the successive sessions aforesaid, both Houses agree in
making any modification in the rule or both Houses agree that the rule should not be made, the rule shall
thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that
any such modification or annulment shall be without prejudice to the validity of anything previously done
under that rule.
1. Ins. by Act 50 of 2019, s. 33 and the second Schedule (w.e.f. 1-10-2020).
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37. Power of Reserve Bank to make regulations.—(1) The Reserve Bank may make regulations
consistent with the provisions of this Act and the rules made thereunder to carry out the purposes of this
Act.
(2) In particular, and without prejudice to the generality of the foregoing powers, such regulations
may provide for all or any of the following matters, namely:—
(a) the persons or institutions which may be specified as specified users under clause (l) of
section 2;
(b) the form in which application may be made under sub-section (1) of section 4 and the manner
of filing such application under that sub-section;
(c) any other form of business in which a credit information company may engage under
clause (e) of sub-section (1) of section 14;
(d) the form of notice for collection and furnishing of information procedure relating thereto and
purposes for which credit information may be provided under sub-sections (1) and (2) of section 17;
(e) the principles and procedures relating to credit information which may be specified under
clause (f) of section 20;
(f) the amount which may be required to be paid for obtaining copy of credit information under
sub-section (2) of section 21;
(g) the maximum amount of charges payable under section 27.
(3) Every regulation, as soon as may be after it is made by the Reserve Bank, shall be forwarded to
the Central Government and that Government shall cause a copy of the same to be laid before each House
of Parliament, while it is in session, for a total period of thirty days which may be comprised in one
session or in two or more successive sessions, and if, before the expiry of the session immediately
following the session or the successive sessions aforesaid, both Houses agree in making any modification
in the regulation, or both Houses agree that the regulation should not be made, the regulation shall,
thereafter, have effect only in such modified form or be of no effect, as the case may be; so, however, that
any such modification or annulment shall be without prejudice to the validity of anything previously done
under that regulation.