RBI Comes Down Heavily On Credit Bureaus

Published On: June 27, 2023 - On June 26, the Reserve Bank of India (RBI) took strict action against four credit bureaus for violating regulations, particularly regarding the maintenance of accurate and comprehensive credit information. The RBI has imposed monetary penalties on these firms. The regulator highlighted that the credit bureaus failed to adhere to specific provisions outlined in the 'Credit Information Companies (Regulation) Act, 2005' and expressed concerns regarding the incomplete and inaccurate data related to credit information maintained by these companies.