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RBI imposes penalty of ₹82 lakh on Jupiter Capital, ₹32 lakh on Indian Financial institution

The RBI has imposed a penalty of ₹82 lakh on Bengaluru-based Jupiter Capital Personal Ltd, for breach of norms on submission of credit score data.

The central financial institution had performed statutory inspections of the corporate on the subject of its monetary place as on March 31, 2020 and March 31, 2021.

These revealed that the non-bank lender had not complied with regulatory instructions pertaining to submission of credit score data to Central Repository of Data on Massive Credit, submission of credit score data knowledge to Credit score Data Firms, RBI mentioned in a launch immediately.

The provisions fall underneath instructions issued by RBI underneath ‘Non-Banking Monetary Firm Returns (Reserve Financial institution) Instructions, 2016’ and ‘Membership of Credit score Data Firms (CICs)’, it added.

Indian Financial institution

RBI immediately additionally imposed a high-quality of ₹32 lakh on Indian Financial institution for breach of instructions on classification and reporting of frauds.

The Statutory Inspection for Supervisory Analysis (ISE) of the financial institution was performed by RBI on the subject of its monetary place as on March 31, 2019. The examination of the Danger Evaluation Report, Inspection Report and all associated correspondence revealed that Indian Financial institution was in violation of sure provisions of RBI (Fraud classification and reporting by industrial banks and choose FIs) Instructions, 2016.

“The financial institution didn’t adjust to the above-mentioned instructions to the extent it furnished flash report back to RBI in sure situations with delay,” the discharge mentioned.

Printed on

August 06, 2022


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