RBI Imposed Total Penalty of Rs34.91 Lakh On the 3 Credit Information Companies
FinTech BizNews Service
Mumbai, 5 September, 2026: RBI has imposed a monetary penalty on the 3 Credit Information Companies. The total penalty amounts to Rs34,91, 800. The highest monetary penalty has been imposed on TransUnion CIBIL.
RBI imposes monetary penalty on Equifax Credit Information Services
The Reserve Bank of India (RBI) has, by an order dated August 31, 2026, imposed a monetary penalty of Rs1,19,400 (Rupees One Lakh Nineteen Thousand Four Hundred only) on Equifax Credit Information Services Private Limited (the company) for non-compliance with certain provisions of directions issued by RBI on ‘Framework for compensation to customers for delayed updation / rectification of credit information’. This penalty has been imposed in exercise of powers conferred on RBI under Section 25(1)(iii) read with Section 23(4) of the Credit Information Companies (Regulation) Act, 2005.
The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2025. Based on the supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.
After considering the company’s reply to the notice and oral submissions made during the personal hearing, RBI found that the following charge against the company was sustained, warranting imposition of monetary penalty:
The company failed to credit compensation amount to the bank accounts of certain eligible complainants, within the prescribed period.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.
RBI imposes monetary penalty on CRIF High Mark Credit Information Services
The Reserve Bank of India (RBI) has, by an order dated August 31, 2026, imposed a monetary penalty of Rs6,89,600 (Rupees Six lakh eighty nine thousand six hundred only) on CRIF High Mark Credit Information Services Private Limited (the company) for non-compliance with certain provisions of the directions issued by RBI on ‘Framework for compensation to customers for delayed updation/ rectification of credit information’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of section 25(1)(iii) read with section 23(4) of the Credit Information Companies (Regulation) Act, 2005.
The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2025. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.
After considering the company’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found that the following charge against the company was sustained, warranting imposition of monetary penalty:
The company failed to credit the compensation amount to the bank accounts of certain eligible complainants, within the prescribed period.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.
RBI Imposes Monetary Penalty On TransUnion CIBIL
The Reserve Bank of India (RBI) has, by an order dated August 31, 2026, imposed a monetary penalty of Rs26,82,800 (Rupees Twenty-six lakh eighty two thousand eight hundred only) on TransUnion CIBIL Limited (the company) for non-compliance with certain provisions of the directions issued by RBI on ‘Framework for compensation to customers for delayed updation/ rectification of credit information’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of section 25(1)(iii) read with section 23(4) of the Credit Information Companies (Regulation) Act, 2005.
The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2025. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.
After considering the company’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found that the following charge against the company was sustained, warranting imposition of monetary penalty:
The company failed to credit the compensation amount to the bank accounts of certain eligible complainants, within the prescribed period.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.
