The penalty has been imposed for non-compliance with certain provisions of the Credit Information Companies (Regulation) Act, 2005 and the Credit Information Companies Rules, 2006.
The Reserve Bank of India (RBI) on Thursday imposed a fine on JM Financial Products and Experian Credit Information Company of India. The central bank has imposed this fine for some deficiencies in regulatory compliance. According to PTI news, RBI said that JM Financial Products Limited has been fined Rs 3.1 lakh for not complying with certain provisions of the directive related to ‘Non-Banking Financial Company – Systemically Important Non-Deposit Taking Company and Deposit Taking Company’.
This company fined Rs 2 lakh
According to the news, a separate release said that Experian Credit Information Company of India Private Limited has been fined Rs 2 lakh for non-compliance with certain provisions of the Credit Information Companies (Regulation) Act, 2005 and the Credit Information Companies Rules, 2006. The Reserve Bank of India also said that the fine 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 companies with their customers.
Bank notes of Rs 100 and Rs 200 will be issued
The Reserve Bank of India (RBI) will soon issue banknotes of Rs 100 and Rs 200 bearing the signature of Governor Sanjay Malhotra. The Reserve Bank recently said that the design of these notes is similar to the Rs 100 and Rs 200 banknotes of the Mahatma Gandhi (New) Series. Meanwhile, all banknotes of Rs 100 and Rs 200 issued earlier by the Reserve Bank will continue to be legal tender. Malhotra took over as RBI Governor in December 2024, replacing Shaktikanta Das.
Reserve Bank of India (RBI) Governor Sanjay Malhotra recently said that the central bank will continue to promote innovation in payment systems with minimal intrusive rules within the scope of regulatory security. It will also expand the reach of UPI (Unified Payment Interface) for efficient cross-border payments. Apart from the RBI, the government and other important parties like banks and payment system operators have also taken several initiatives to encourage digital payments.
