A monetary penalty of Rs 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’
The Reserve Bank of India on Monday said it has imposed penalties on Standard Chartered Bank-India, TransUnion CIBIL, Equifax Credit Information Services, and other entities for contravention of various norms.
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A monetary penalty of Rs 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’.
Also, a penalty of Rs 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], according to releases.
RBI has slapped a penalty of Rs 24.25 lakh on Equifax Credit Information Services, Mumbai for non-compliance with certain provisions of the CIC Rules.
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Among other entities, a fine of Rs 24.75 lakh has been imposed on Experian Credit Information Company of India, Mumbai for non-compliance with certain provisions of the CIC (R) Act.
Further, a penalty of Rs 25.75 lakh has been slapped on CRIF High Mark Credit Information Services, Mumbai for contravention with certain provisions of CIC (R) Act.
Penalities have been also been imposed on Uttar Pradesh Co-operative Bank Ltd, Lucknow; Ujjain Nagarik Sahakari Bank Maryadit, Ujjain; Panihati Co-operative Bank; The Berhampur Co-operative Urban Bank, Odisha; and Solapur Siddheshwar Sahakari Bank, Solapur.
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The Uttarpara Co-operative Bank, West Bengal; and Textile Traders Co-operative Bank, Ahmedabad too have been penalised.
RBI noted that penalties have been imposed for deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the enities.
