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Penalty imposed on Hewlett-Packard Financial Services (India) Private Ltd

Published on August 06, 2021
Current Context: The Reserve Bank of India (RBI) has imposed a monetary penalty on Hewlett-Packard Financial Services (India) Private Ltd.
Penalty imposed on Hewlett-Packard Financial Services (India) Private Ltd
  • The penalty of Rs 6 lakh is imposed on Hewlett-Packard Financial Services (India) Private Ltd for not following certain norms directed to it.
  • RBI conducted a statutory inspection of the company by considering its finance reference position as of 31st March 2019.
  • The entity was found non-compliance with the statutory directions on submission of credit information to CRILC (Central Repository of Information on Large Credits) and submission of credit data to credit information companies (CICs).
  • The penalty was imposed on the basis of powers mentioned in the Reserve Bank of India Act, 1934 and the Credit Information Companies (Regulation) Act, 2005.
  • Static Part: 
    • HQ of Hewlett-Packard Financial Services (India) Private Ltd: Bangalore

Question: 

Q.1 What amount of penalty was imposed by RBI on Hewlett-Packard Financial Services (India) Private Ltd which was found non-compliance with the statutory directions on submission of credit information to CRILC and submission of credit data to credit information companies (CICs)?
a. Rs 8 lakh
b. Rs 7 lakh
c. Rs 6 lakh
d. Rs 5 lakh
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