Case Brief
RBI imposed a monetary penalty on CRIF High Mark Credit Information Services Private Limited, a Credit Information Company, for not having a whole-time Managing Director/Director to manage the affairs of the CIC. The penalty was imposed under Section 23(4) of the CICRA after RBI issued a show-cause notice, received a written reply, and granted a personal hearing.
RBI imposed a monetary penalty on CRIF High Mark Credit Information Services Private Limited, a Credit Information Company, because it did not have a whole-time Managing Director/Director to manage the whole of the affairs of the CIC. The RBI held that this constituted violations of Sections 9(1) and 9(2) of the Credit Information Companies (Regulation) Act, 2005, and imposed the penalty under Section 23(4) of CICRA after issuing a show-cause notice, considering the written reply, and providing a personal hearing.
Severity Assessment
The action is a monetary penalty of Rs. 1 lakh, which falls in the lowest monetary band and has no separate operational restriction floor beyond the fine.
CRIF High Mark Credit Information Services Private Limited must absorb the Rs. 1 lakh penalty; the release does not describe any additional operational restriction or ongoing corrective direction. The forward-looking impact is limited to the financial penalty and the compliance signal to ensure statutory management requirements are met.
Published as CRIF High Mark Credit Information Services Private Limited
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