RBI imposes monetary penalty on CRIF High Mark Credit Information Services Private Limited, Mumbai

Case Brief

RBI, by order dated June 26, 2023, imposed a monetary penalty of Rs 25.75 lakh on CRIF High Mark Credit Information Services Private Limited, Mumbai. The penalty was imposed for non-compliance with certain provisions of the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006. RBI said its inspection found that some credit information maintained by the company was not accurate and complete, and that when borrowers complained, the company did not update their credit information, did not inform them about corrective steps taken, and did not explain why it could not meet the 30-day timeframe for providing correct information. RBI concluded the violations were substantiated and warranted the monetary penalty.