The Reserve Bank of India announced on Monday that it has imposed penalties on Standard Chartered Bank-India, TransUnion CIBIL, Equifax Credit Information Services and other companies for violating various norms.
Standard Chartered Bank-India has been fined 30 lakh rupees for failing to comply with certain provisions of the Reserve Bank of India (Know Your Customer (KYC)) Instructions 2016.
In addition, TransUnion CIBIL Limited, Mumbai, has been fined Rs. 26 lakh for failure to comply with certain provisions of the Credit Information Companies (Regulation) Act 2005 [CIC (R) Act]according to publications.
RBI has fined Equifax Credit Information Services, Mumbai, Rs. 24.25 lakh rupees for failure to comply with certain provisions of the CIC Rules.
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Among others, the Experian Credit Information Company of India, Mumbai, was fined Rs 24.75 lakh for failing to comply with certain provisions of the CIC(R) Act.
In addition, CRIF High Mark Credit Information Services, Mumbai has been fined Rs. 25.75 lakh for violating certain provisions of the CIC(R) Law.
Penalties were also imposed on Uttar Pradesh Co-operative Bank Ltd., Lucknow; Ujjain Nagarik Sahakari Bank Maryadit, Ujjain; Panihati Credit Union; The Berhampur Co-operative Urban Bank, Odisha; and Solapur Siddheshwar Sahakari Bank, Solapur.
The Uttarpara Co-operative Bank, West Bengal; and Textile Traders Co-operative Bank, Ahmedabad, were also fined.
RBI noted that penalties have been imposed for failure to comply with legal requirements and are not intended to make a statement as to the validity of any transaction or arrangement entered into by the companies.
