The Reserve Bank of India (RBI) on June 26 imposed penalties on all four credit bureaus in India for maintaining inaccurate and incomplete information about their customers: CRIF High Mark Credit Information Services Private Limited - ₹25.75 lakh Equifax Credit Information Services Private Limited - ₹24.25 lakh TransUnion CIBIL Limited - ₹26 lakh Experian Credit Information Company of India Private Limited - ₹24.75 lakh The central bank imposed the penalties after finding that CRIF High Mark, Equifax, and TransUnion CIBIL: Maintained inaccurate and incomplete credit information in certain cases Did not update credit information upon receipt of complaints from some borrowers Did not inform complainants "regarding the steps taken by it for correction of discrepancies and also the reasons for its inability to comply with the timeframe for providing correct information, within 30 days of receipt of such complaints." Experian, on the other hand, was probed for only the first infringement: maintaining inaccurate and incomplete credit information. Consequently, RBI issued a notice to all four companies asking them why a penalty should not be imposed for their failure to comply with the provisions of the Credit Information Companies (Regulation) Act, 2005, read with the Credit Information Companies Rules, 2006. After considering their replies, RBI decided that their non-compliance warranted the imposition of monetary penalties. Also Read RBI Adds Eight More Entities To List Of Banned Forex Trading Platforms Amex To Share Credit Card Info Of Customers With NeSL Starting November; SBI Card And PNB Already Sharing RBI Allows Default Loss…
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- Navigating the Complexities of Open Source AI: Insights from Carnegie India Summit December 8, 2023
- Supreme Court Dismisses Plea by Foundation for Media Professionals on Internet Shutdowns December 8, 2023
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