RBI imposes Rs 6 lakh penalty on Hewlett-Packard Financial Services

The RBI on Tuesday said it has imposed a penalty of Rs 6 lakh on Hewlett-Packard Financial Services (India) Private Ltd, Bengaluru for non-compliance with certain directions issued by it.

In a statement, RBI said the statutory inspection of the company, with reference to its financial position as on March 31, 2019, revealed non-compliance with the statutory directions on submission of credit information to CRILC and submission of credit data to credit information companies (CICs).

It said a notice was issued to Hewlett-Packard Financial Services (India) advising it to show cause why penalty should not be imposed on it for failure to comply with the directions issued by RBI.

"After considering the company's reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI came to the conclusion that the charge of non-compliance with aforesaid RBI directions was substantiated and warranted imposition of monetary penalty," it said.

The penalty, RBI said, is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers.