Case Brief
RBI imposed a monetary penalty on Equifax Credit Information Services Private Limited after a statutory inspection found non-compliance with RBI’s directions on the framework for compensation to customers for delayed updation/rectification of credit information. The sustained violation was that the company failed to credit compensation amounts to the bank accounts of certain eligible complainants within the prescribed period. The penalty was imposed under Section 25(1)(iii) read with Section 23(4) of the Credit Information Companies (Regulation) Act, 2005.
Action Snapshot
- Primary Impact
- Fine: Rs 1.19 L
- Entity Type
- Credit bureau
- Action Type
- Monetary penalty