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RBI Imposes Rs 25.5 Lakh Penalty On Jaipur-Based Jumbo Finvest (India)

The RBI said it has imposed a penalty of Rs 9.5 lakh on Balaji Instalments Limited, Pilibhit for non-compliance with certain provisions.

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The RBI has imposed a penalty of Rs 25.5 lakh on Jumbo Finvest (India) Limited, Jaipur, for non-compliance with certain provisions, including Know Your Customer (KYC) directions.

In a release, the RBI said it imposed a monetary penalty of Rs 25.50 lakh on Jumbo Finvest (India) for non-compliance with certain provisions of the directions issued by RBI contained in 'Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016' and KYC Directions, 2016'.

The statutory inspection of Jumbo Finvest (India) with reference to its financial position as on March 31, 2019, revealed, inter alia, non-compliance with the directions issued by the RBI.

The RBI said a notice was issued to the company and after considering the company's reply, it came to the conclusion that the charge of non-compliance was substantiated and warranted imposition of monetary penalty.

In another statement, the RBI said it has imposed a penalty of Rs 9.5 lakh on Balaji Instalments Limited, Pilibhit for non-compliance with certain provisions.

(PTI)