RBI imposes monetary penalty on TransUnion CIBIL Limited, Mumbai

Case Brief

RBI imposed a monetary penalty on TransUnion CIBIL Limited, Mumbai by order dated June 26, 2023. The penalty was for non-compliance with provisions of the Credit Information Companies (Regulation) Act, 2005 and the Credit Information Companies Rules, 2006. After a statutory inspection, RBI found that some credit information maintained by the company was not accurate and complete, and that borrower complaints regarding discrepancies were not handled in the prescribed manner and timeframe. RBI issued a show-cause notice, considered the company’s submissions and oral hearing, and then concluded that the contraventions were substantiated, warranting a penalty under the CIC (R) Act.