Case Brief
What Happened
RBI imposed a monetary penalty of Rs 40,000 on Shikshak Sahakari Bank Ltd., Nagpur, Maharashtra for non-compliance with its directive on Membership of Credit Information Companies (CICs) and the Credit Information Companies Rules, 2006. The inspection found lapses in reporting data to CICs and in taking appropriate and necessary steps to ensure the accuracy of the reported data. RBI issued a show-cause notice, considered the bank’s reply and hearing submissions, and then imposed the penalty under the CIC Act, 2005.