Section 88: Establishment of Credit Information Centre

1) The Bank shall establish or cause to establish one credit information centre for the following purposes:

(a) To obtain information on the flow of credit from commercial banks and financial institutions in order to ensure fairness and appropriateness in credit flow,

(b) To require the exchange of the information received pursuant to Clause (a) amongst the commercial banks and financial institutions for the purpose referred to in that Sub-Section,

(c) To require the sending of the name-list of the debtors not repaying the loan in time or misusing the loan to the Centre,

(d) To require the obtaining on a compulsory basis of the information from the Centre prior to making an investment or advancing a loan of an amount more than the limit prescribed by the Bank,

(e) To have the name-list received pursuant to Clause (c) blocked by the Centre upon confirmation and to take necessary action in this regard, and

(f) To submit a report to the Bank on the exchange of information among the commercial bank and financial institutions and use such information while making loan investments on the basis of inspection, supervision and monitoring.

2) The Bank shall regulate and manage the functions referred to in sub-section (1) as specified.