Recorded RBI impact
Fine: Rs 6.00 L
Monetary penalty · Fresh imposition
Published by RBI
3 Aug 2021
Case Brief
The Reserve Bank of India imposed a monetary penalty on Hewlett-Packard Financial Services (India) Private Ltd by order dated August 03, 2021. RBI said the company failed to comply with certain directions under the NBFC framework and related directives on membership of Credit Information Companies and furnishing of credit information/data. The statutory inspection found issues with submission of credit information to CRILC and credit data to CICs, and RBI imposed the penalty after considering the company’s reply and oral and written submissions.
Why RBI Acted
RBI imposed a monetary penalty on Hewlett-Packard Financial Services (India) Private Ltd, Bengaluru after a statutory inspection found non-compliance with RBI directions. The release cites failures to adhere to the Non-Banking Financial Company directions, RBI’s directive on membership of Credit Information Companies (CICs), and RBI’s directive on data format for furnishing credit information to CICs and other regulatory measures. The inspection specifically noted non-compliance in submission of credit information to CRILC and submission of credit data to CICs, and RBI concluded the contravention was substantiated after considering the company’s reply and submissions.
Operating Impact
The company must absorb the monetary penalty and continue complying with RBI’s reporting and credit-information related directions. The action does not itself suspend operations, but it underscores ongoing compliance obligations around CRILC reporting and CIC data submission for the entity.
Regulatory Basis
- clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-section (5) of section 58 B of the Reserve Bank of India Act, 1934
- clause (iii) of sub-section (1) of section 25 read with sub-section (4) of section 23 of the Credit Information Companies (Regulation) Act, 2005
Action Facts
- Primary Impact
- Fine: Rs 6.00 L
- Order Date
- 3 Aug 2021
- Effective From
- 3 Aug 2021
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC