in the matter of TransUnion CIBIL, crif high mark and Equifax, the RBI said that apart from detecting incorrect data, there have also been complaints from borrowers about the bureau not updating credit information and not informing the complainants about the steps taken to rectify the discrepancies within the stipulated 30 days. have been found. A fourth company, Experian, did not keep accurate data related to credit information.
RBI has also imposed penalty Stanchart For allotting multiple Customer ID numbers to the same individual customer in violation of central bank norms. Seven cooperative banks were also fined by the regulator for various violations.
The action in respect of all the four credit information companies was related to their statutory inspection by the RBI with regard to their financial position as on March 31, 2021. After review, the bureau was asked to explain why action should not be taken against them.
The fines are: Rs 24.8 lakh on Experian, Rs 25.8 lakh on CRIF High Mark, Rs 24.3 lakh on Equifax and Rs 26 lakh on TransUnion CIBIL.
Although credit bureau Provide customer repayment behavior data to lenders, they have a responsibility to borrowers to correct discrepancies. The RBI’s crackdown on the bureau is seen as mounting pressure on consumer protection and the sanctity of personal data.
RBI regulations for credit information companies require them to set up a process for disclosing their credit records to individuals. The RBI rules say, “The credit bureau in its possession or control shall rectify or add or otherwise do so and shall take appropriate steps to update the information within 15 days of the request being made by the credit institution or the designated user.”
ICICI Prudential got Rs. 492 crore GST notice
ICICI Prudential Life Insurance said it has received a show cause and demand notice of Rs 492 crore from the Directorate General of GST Intelligence. During the enquiry, ICICI Prudential had already deposited an amount of Rs 190 crore without accepting any liability. “The issue revolves around the issue of industry-wide input tax credit,” said the exchange filing. In recent months, the GST department has been collecting tax on certain payments made by life insurers to their distributors, which tax officials have termed as hidden commission.