Mumbai: RBI Slaps ₹26 Lakh Penalty on TransUnion CIBIL Limited

Mumbai, 26th June 2023: The Reserve Bank of India (RBI) has taken action against TransUnion CIBIL Limited, Mumbai, by imposing a monetary penalty of ₹26 lakh (Rupees Twenty-six lakh only). The penalty comes as a result of the company’s 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]. RBI exercised its powers 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 to impose the penalty.

The penalty has been levied due to deficiencies in regulatory compliance and should not be interpreted as a judgment on the validity of any transaction or agreement entered into by the company. The RBI’s action highlights the importance of adherence to the regulations outlined in the CIC (R) Act and the CIC Rules by credit information companies.

TransUnion CIBIL Limited is one of the leading credit information companies in India, providing credit scores and credit reports to individuals and businesses. The company plays a crucial role in the financial ecosystem by facilitating the assessment of creditworthiness and supporting the lending process for banks, financial institutions, and other credit providers.

Share this article
Shareable URL
Prev Post

Meitei Community in Pune Stages Protest Against Violence in Manipur

Next Post

ISHRAE Pune Branch Hosts 3rd RefTech Series to Celebrate World Refrigeration Day

Read next
Whatsapp Join