RBI imposes monetary penalty on Equifax Credit Information Services Private Limited, Mumbai

Case Brief

By an order dated June 26, 2023, RBI imposed a monetary penalty of Rs 24.25 lakh on Equifax Credit Information Services Private Limited, Mumbai. The regulator said a statutory inspection revealed that certain credit information maintained by the company was inaccurate or incomplete, and that the company failed to update borrowers or inform them of corrective steps and reasons for delay within the required 30 days after complaints were received. RBI concluded that the violations of the Credit Information Companies (Regulation) Act, 2005 and the Credit Information Companies Rules, 2006 were substantiated and warranted penalty.