Mumbai: The Reserve Bank today levied a penalty of Rs 1 lakh on the fledgling credit bureau CRIF High Mark Credit Information Services for failing to appoint a whole-time Managing Director.
“A monetary penalty of Rs 1 lakh has been imposed as the company did not have a whole-time Managing Director/ director to manage the whole of the affairs,” RBI said in a release.
The central bank had issued a show cause notice to the company. The company, which had submitted a written reply to it, was also given a personal hearing. After considering the facts of the case and the company's submissions, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of penalty, the release said.
The penalty on CRIF High has been imposed under the provisions of Section 23(4) of the Credit Information Companies Regulation Act, 2005.
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