The monetary penalty of Rs2,00,000 has been imposed on Experian Credit Information Company of India for non-compliance with certain provisions of the Credit Information Companies (Regulation) Act, 2005 [CIC (R) Act] and the Credit Information Companies Rules, 2006 [CIC Rules].
FinTech BizNews Service
Mumbai, March 13, 2025: The Reserve Bank of India (RBI) has, by an order dated March 03, 2025, imposed a monetary penalty of Rs2,00,000/- (Rupees Two Lakh only) on Experian Credit Information Company of India Private Limited (the company) for non-compliance with certain provisions of the Credit Information Companies (Regulation) Act, 2005 [CIC (R) Act] and the Credit Information Companies Rules, 2006 [CIC Rules]. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of clause (iii) of sub-section (1) of Section 25 read with sub-section (4) of Section 23 of the CIC (R) Act.
The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with provisions of the CIC (R) Act and the CIC Rules, 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 provisions.
After considering the company’s reply to the notice and oral submissions made by it during the personal hearing, RBI found that the following charges against the company were sustained, warranting imposition of monetary penalty:
The company did not send intimation regarding discrepancy in respect of credit information to the credit institutions by the seventh day from the date of receipt of requests thereof; and
The company neither updated / corrected the credit information nor intimated the borrowers regarding its inability to do so, within the stipulated period of 30 days of receipt of requests for updation / correction.
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. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.
