In order to facilitate sharing of information related to credit matters, a Credit Information Bureau (India) Limited (CIBIL) was set up in 2000. With a view to strengthening the legal mechanism and facilitating credit information bureaus to collect, process and share credit information on borrowers of banks and FIs, the Credit Information Act was passed in May 2005.
The rules and regulations have also been notified. The RBI is now framing detailed guidelines on the basis of which it would consider applications from Credit Information companies. This will facilitate setting up of a few more credit information companies in India.