Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of Rs 5,000 on Daund Urban Co-operative Bank Limited, Daund, Pune, Maharashtra, after supervisory findings showed non-compliance with RBI directions on credit information reporting. RBI found that the bank had failed to submit credit information of its customers to any Credit Information Companies. The penalty was imposed under Section 25 read with Section 23 of the Credit Information Companies (Regulation) Act, 2005, following a statutory inspection and show-cause proceedings.