AI Drafter 
TaxTMI 
TaxTMI 
2018 (8) TMI 2107
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....f India Act, 1934; hereinafter referred to as 'RBI Act', for short. The third respondent is a 'credit information company'; for short, 'CIC'; as defined in Section 2(e) of the Act. Respondents 1 and 2 collectively, is a 'credit institution' as defined in Section 2(f) of the Act. The applicant, having been using a credit card issued by respondents 1 and 2 is the one, who falls within the term 'borrower' under Section 2 of the Act. 3 . Detailing different aspects touching transactions as between him and the credit institution, the applicant pleaded that the third respondent CIC has erroneously and without verification of any details, included false information as furnished by the credit institution, ....
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....ould fall under Section 18 of the Act for settlement in terms thereof read with the provisions of the A & C Act. 5. The learned counsel for the applicant, making reference to the Judgment of the High Court of Calcutta in Sunil Agarwal vs. LIC Housing Finance Limited [2012] 173 CompCas 476 (Cal), argued that the application is eligible to be allowed in terms of Section 18 of the Act read with Section 11(6) of the A & C Act. Per contra, the learned counsel for the fourth respondent referred to the Judgment of the Division Bench of the High Court of Bombay in DSL Enterprises Private Limited vs. the Chief General Manager, DBOD, Reserve Bank of India (W.P. No. 6409 of 2010) and argued that a dispute between the borrower and the credit institu....
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....ely:- (a) to collect, process and collate information on trade, credit and financial standing of the borrowers of the credit institution which is a member of the credit information company; (b) to provide credit information to its specified users or to the specified users of any other credit information company or to any other credit information company being its members; (c) to provide credit scoring to the specified users or specified users of any other credit information company or to other credit information companies being its members; (d) to undertake research project; (e) to undertake any other form of business which the Reserve Bank may, specify by regulations as a form of business ....
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....esses and collates such information on trade, credit and financial standing of the borrowers of the credit institution providing such information. There upon, it provides such credit information to its specified users. It also provides credit scoring to the specified users. This is the manner in which clauses (a) to (c) of sub-section (1) of Section 14 of the Act regulates the business of the CIC. 9. Thus, the business of credit information, in terms of clauses (a), (b) and (c) of subsection (1) of Section 14 of the Act, depends upon the credit information given to the CIC by the credit institution. It does not relate to any matter which is beyond the purview of that information, which is furnished by the credit institution to the CIC. A....
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....lation to any dispute as between a 'client' as defined in Section 2(c) (which is an inclusive definition) of the Act and the credit institution. Section 18 of the Act would apply only when dispute arises on matters relating to business of credit information. A dispute between the borrower and credit institution, including any dispute as to the correctness or otherwise of the credit information given by the credit institution to the CIC, is not a dispute relating to the business of credit information. Section 18 of the Act can be invoked only as regards disputes relating to the business of credit information; that too, for which there is no remedy provided under the Act. Only such disputes could be carried for settlement by conciliat....