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The RBI has imposed penalties on JM Financial Products and Experian India for failing to comply with regulatory requirements.

Banking & Finance | Dated: 17 Mar 2025

The Reserve Bank of India (RBI) has imposed monetary penalties on two companies based in Mumbai for not following regulatory guidelines:

🎯 Key Highlights:

  • - JM Financial Products Limited (JMFL) has been fined Rs 3.1 lakh for violating rules related to non-banking financial companies (NBFCs), especially concerning systemically important non-deposit-taking and deposit-taking companies.
  • - The penalty was imposed after the RBI found that the company did not disclose a key related-party transaction in its annual report.
  • - This was discovered after an inspection of the company’s financial position as of March 31, 2023, and a review of its response to a show-cause notice.

💡 Other Important Facts:

  • (i) Experian Credit Information Company of India Private Limited (ECICI) has been fined Rs 2 lakh for not following certain provisions of the Credit Information Companies (Regulation) Act, 2005 (CICRA) and the Credit Information Companies (CIC) Rules, 2006.
  • (ii) The RBI clarified that these penalties were due to regulatory issues and do not affect the validity of any agreements or transactions the companies have with their customers.
  • (iii) Additionally, the RBI announced that new Rs 100 and Rs 200 banknotes will be released soon, featuring the signature of the new Governor, Sanjay Malhotra.

📚 Test Your Knowledge:

Which organization was recently fined by the RBI for failing to comply with regulatory requirements?

Correct Answer: Experian India

🚀 Quick Recap: