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RBI slaps penalties on Standard Chartered & other entities
June 27, 2023
The Reserve Bank of India on Monday slapped penalties on Standard Chartered Bank-India, TransUnion CIBIL, Equifax Credit Information Services, and other entities for contravention of various norms.
” A monetary penalty of ₹30 lakh has been imposed on Standard Chartered Bank-India for non-compliance with certain provisions of the ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016,” according to releases.
Also, a penalty of ₹26 lakh has been imposed on TransUnion CIBIL Limited, Mumbai for non-compliance with certain provisions of the Credit Information Companies (Regulation) Act, 2005 [CIC (R) Act].
The central bank has slapped a penalty of ₹24.25 lakh on Equifax Credit Information Services, Mumbai for non-compliance with certain provisions of the CIC Rules.
The RBI has imposed a fine of ₹24.75 lakh on Experian Credit Information Company of India, Mumbai for non-compliance with certain provisions of the CIC (R) Act.
Further, a penalty of ₹25.75 lakh has been slapped on CRIF High Mark Credit Information Services, Mumbai for contravention with certain provisions of CIC (R) Act.
Further, a penalty of ₹25.75 lakh has been slapped on CRIF High Mark Credit Information Services, Mumbai for contravention with certain provisions of CIC (R) Act.
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