RBI imposes monetary penalty on Experian Credit Information Company of India Private Limited, Mumbai

Case Brief

The Reserve Bank of India imposed a monetary penalty on Experian Credit Information Company of India Private Limited, Mumbai, after a statutory inspection found compliance deficiencies. RBI said certain credit information data maintained by the company was not accurate and complete, amounting to non-compliance with provisions of the Credit Information Companies (Regulation) Act, 2005 and the Credit Information Companies Rules, 2006. The penalty was imposed under section 25(1)(iii) read with section 23(4) of the CIC (R) Act, following a show-cause notice, the company’s replies, additional submissions, and oral hearing.