RBI Imposed Penalties On JM Financial Products

The Reserve Bank has imposed penalties on JM Financial Products and Experian Credit Information Company of India for certain deficiencies in regulatory compliance.

In a release on Thursday, RBI said a penalty of Rs 3.1 lakh has been imposed on JM Financial Products Ltd. for non-compliance with certain provisions of the direction related to 'non-banking financial company - systemically important non-deposit taking company and deposit-taking company'.

A penalty of Rs 2 lakh has been imposed on Experian Credit Information Company of India Pvt. for non-compliance with certain provisions of the Credit Information Companies (Regulation) Act, 2005 and the Credit Information Companies Rules, 2006, it said in a separate release.

Reserve Bank of India also said the penalties are based on deficiencies in regulatory compliance and are not intended to be pronounced upon the validity of any transaction or agreement entered into by the companies with their customers.