Reserve Bank of India (RBI) has imposed monetary penalties on seven cooperative banks citing violation of various rules and regulations. Of RBI has levied a fine of Rs28 lakh, the highest among these cooperative banks, on Lucknow-based Uttar Pradesh Cooperative Bank Ltd.
The Reserve Bank of India on Monday said it has imposed penalties on Standard Chartered Bank-India, TransUnion CIBIL, Equifax Credit Information Services, and other entities for contravention of various norms.
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The Reserve Bank of India (RBI) has imposed penalties on several entities for failing to comply with regulatory norms. Standard Chartered Bank-India was fined Rs 30 lakh for contravening certain provisions of the RBI s KYC Directions. Equifax Credit Information Services, Experian Credit Information Company of India, TransUnion CIBIL, and CRIF High Mark Credit Information Services were also fined for non-compliance with Credit Information Companies Act regulations. Other banks and co-operative lenders were also penalised for similar reasons. RBI noted that the penalties were not intended to judge the validity of any transaction or agreement involving the entities.