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

BL Mumbai Bureau | Updated on: Aug 06, 2022

The penalty is imposed on Jupiter Capital and Indian Bank for breach of norms on submission of credit information and reporting of frauds respectively

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

The central bank had conducted statutory inspections of the company with reference to its financial position as on March 31, 2020 and March 31, 2021.

These revealed that the non-bank lender had not complied with regulatory directions pertaining to submission of credit information to Central Repository of Information on Large Credits, submission of credit information data to Credit Information Companies, RBI said in a release today.

The provisions fall under directions issued by RBI under ‘Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016’ and ‘Membership of Credit Information Companies (CICs)’, it added.

Indian Bank

RBI today also imposed a fine of ₹32 lakh on Indian Bank for breach of directions on classification and reporting of frauds.

The Statutory Inspection for Supervisory Evaluation (ISE) of the bank was conducted by RBI with reference to its financial position as on March 31, 2019. The examination of the Risk Assessment Report, Inspection Report and all related correspondence revealed that Indian Bank was in violation of certain provisions of RBI (Fraud classification and reporting by commercial banks and select FIs) Directions, 2016.

“The bank failed to comply with the above-mentioned directions to the extent it furnished flash report to RBI in certain instances with delay,” the release said.

Published on August 06, 2022
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