DelhiDesk HSBC has been fined INR 17.3 million ($231,000) by the Reserve Bank of India (RBI) for breaching Credit Information Companies Rules, 2006 (CIC Rules). The bank was found to have provided incorrect credit information in relation to expired credit cards with no outstanding dues to all four credit information companies. The RBI conducted a statutory inspection for supervisory evaluation of the bank and found contraventions of the CIC rules and issued a notice to HSBC. After considering the bank’s reply to the notice and oral submissions, the RBI imposed the monetary penalty.
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👉 The Reserve Bank has imposed a monetary penalty of ₹1.73 crore on HSBC for contravention of Credit Information Companies Rules, 2006 (CIC Rules).
👉 HSBC furnished incorrect credit information in respect of expired credit cards with nil dues to all four credit information companies.
👉 RBI conducted a Statutory Inspection for Supervisory Evaluation (lSE) of the bank and found contravention of CIC rules.
👉 RBI issued a notice to the bank advising it to show cause as to why penalty should not be imposed for contravention of the said provisions of CIC rules.
👉 After considering the bank’s reply, RBI came to the conclusion that the charge of contravention of the CIC rules was substantiated and warranted imposition of monetary penalty.
👉 The penalty was imposed in the exercise of powers vested in the banking regulator conferred under the provisions of Section 25 (1) and Section 23 (4) of the Credit Information Companies (Regulation) Act, 2005.
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