RBI Fines Standard Chartered Bank-India and Other Organisations
The Standard Chartered Bank-India, TransUnion CIBIL, Equifax Credit Information Services, and other firms have been penalised by the Reserve Bank of India for breaking different rules, the bank said on Monday.
For breaking some of the rules of the “Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016,” Standard Chartered Bank-India has been fined Rs 30 lakh.
According to press announcements, TransUnion CIBIL Limited, Mumbai has also been fined Rs 26 lakh for failing to comply with the requirements of the Credit Information Companies (Regulation) Act, 2005 [CIC (R) Act].
For failing to comply with several CIC Rules requirements, the RBI fined Equifax Credit Information Services, Mumbai, Rs 24.25 lakh.
Experian Credit Information Company of India, Mumbai is one of the organisations that has been fined Rs 24.75 lakh for failing to comply with the CIC (R) Act’s rules.
In addition, CRIF High Mark Credit Information Services, Mumbai, was fined Rs. 25.75 lakh for violating the CIC (R) Act requirements.
Additionally, penalties have been issued on the Berhampur Co-operative Urban Bank in Odisha, the Panihati Co-operative Bank, the Uttar Pradesh Co-operative Bank Ltd. in Lucknow, and the Solapur Siddheshwar Sahakari Bank in Solapur.
Both the Textile Traders Co-operative Bank in Ahmedabad and the Uttarpara Co-operative Bank in West Bengal have received sanctions.
According to RBI, fines were given for failing to comply with regulations and were not meant to constitute judgements on the legality of the firms’ transactions or agreements.
