1[CHAPTER IIIA
COLLECTION AND FURNISHING OF CREDIT INFORMATION
45A. Definitions.
In this Chapter, unless the context otherwise requires, –
(a) ‘‘banking company’’ means a banking company as defined in section 5 of the 2[Banking Regulation Act, 1949], and includes the State Bank of India, 3[any subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959, any corresponding new bank constituted by section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and any other financial institution notified by the Central Government in this behalf];
(b) ‘‘borrower’’ means any person to whom any credit limit has been sanctioned by any banking company, whether availed of or not, and includes–
(i) in the case of a company or corporation, its subsidiaries;
(ii) in the case of a Hindu Undivided Family, any member thereof or any firm in which such member is a partner;
(iii) in the case of a firm, any partner thereof of any other firm in which such partner is a partner; and
(iv) in the case of an individual, any firm in which such individual is a partner;
(c) ‘‘credit information’’ means any information relating to–
(i) the amounts and the nature of loans or advances and other credit facilities granted by a banking company to any borrower or class of borrowers;
(ii) the nature of security taken from any borrower 4[or class of borrowers] for credit facilities 5[granted to him or to such class];
(iii) the guarantee furnished by a banking company for any of its customers 6[or any class of its customers];
7[(iv) the means, antecedents, history of financial transactions and the credit worthiness of any borrower or class of borrowers;
(v) any other information which the Bank may consider to be relevant for the more orderly regulation of credit or credit policy.]
Note:
1. Ins. by Act 35 of 1962, s. 6.
2. Subs. by Act 51 of 1974, s. 3, for "Banking Companies Act, 1949".
3. Subs. by s. 13, ibid., for certain words.
4. Ins. by Act 51 of 1974, s. 13.
5. Subs. by s. 13, ibid., for certain words.
6. Ins. by Act 51 of 1974, s. 13.
7. Ins. by Act 51 of 1974, s. 13. |