RBI penalizes Standard Chartered Bank and other entities
The institutions have been punished for deficiencies in regulatory compliance
RBI penalizes Standard Chartered Bank and other entities The institutions have been punished for deficiencies in regulatory compliance The Reserve Bank of India (RBI) has imposed penalties on Standard Chartered Bank-India, TransUnion CIBIL, Equifax Credit Information Services, and other entities for contravention of various norms. RBI noted that the penalties are not intended...
RBI penalizes Standard Chartered Bank and other entities
The institutions have been punished for deficiencies in regulatory compliance
The Reserve Bank of India (RBI) has imposed penalties on Standard Chartered Bank-India, TransUnion CIBIL, Equifax Credit Information Services, and other entities for contravention of various norms.
RBI noted that the penalties are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities.
A monetary penalty of Rs. 30 lakh has been imposed on Standard Chartered Bank for non-compliance with certain provisions of the RBI Know Your Customer (KYC) Directions, 2016.
Under the Credit Information Companies (Regulation) Act, 2005, Mumbai-based firms that were penalized are: TransUnion CIBIL - Rs.26 lakh; Equifax Credit - Rs. 24.25 lakh; Experian Credit - Rs. 24.75 lakh; and CRIF High Mark Credit - Rs. 25.75 lakh.
Other entities that have been imposed with penalties are: Uttar Pradesh Co-operative Bank Ltd, Lucknow; Ujjain Nagarik Sahakari Bank Maryadit, Ujjain; Panihati Co-operative Bank; The Berhampur Co-operative Urban Bank, Odisha; Solapur Siddheshwar Sahakari Bank, Solapur, Uttarpara Co-operative Bank, West Bengal; and Textile Traders Co-operative Bank, Ahmedabad.