RBI Slaps Penalties on TU Cibil, CRIF, Equifax, Sammaan, Hinduja Leyland

Mumbai, Sep 5: The Reserve Bank of India (RBI) on Friday said that it has imposed monetary penalty on five entities for not complying with certain regulations.

The central bank imposed Rs 26,82,800 monetary penalty on TransUnion CIBIL, Rs 6,89,600 on CRIF High Mark Credit Information Services, Rs 1,19,400 on Equifax Credit Information Services, Rs 4.20 lakh on Sammaan Finserve, and Rs 6.20 lakh on Hinduja Leyland Finance, according to the notification.

TransUnion CIBIL, CRIF High Mark Credit Information Services, and Equifax Credit Information Services were penalised for failing to credit the compensation amount to the bank accounts of certain eligible complainants within the prescribed period, RBI said.

Further, the central bank imposed a monetary penalty on Sammaan Finserve as the company failed to report credit information of its borrower to the Central Repository of Information on Large Credits (CRILC).

Hinduja Leyland Finance was penalised as the company failed to put in place a Board-approved policy on pricing of microfinance loans, and undertook activities in the nature of ‘Synthetic Securitisation’, RBI said.

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