The RBI periodically reviews the institutions and puts penalty when there is a flaw.
The Reserve Bank of India i.e. RBI on Thursday finished JM Financial Products and Experience Credit Information Company of India. The central bank has imposed this penalty for some shortcomings in regulatory compliance. According to PTI news, the RBI said that ‘JM Financial Products Limited has been fined for not following some provisions of’ Non-banking financial company-systemically important non-grief-taking company and deposit company ‘.
This company fined Rs 2 lakh
According to the news, a separate release stated that the Experien Credit Information Company of India Private Limited has been fined for not to comply with the Credit Information Companies (Regulation) Act, 2005 and Credit Information Companies Rules, 2006. The Reserve Bank of India also stated that the fine is based on deficiencies in regulatory compliance and is not aimed at the verdict on the validity of any transactions or agreements made by companies by companies with its customers.
Bank notes of 100 and 200 rupees will be issued
The Reserve Bank of India (RBI) will soon issue a 100 and 200 rupee bank note with the signature of Governor Sanjay Malhotra. The Reserve Bank recently said that the design of these notes is similar to the 100 and 200 rupee bank notes of the Mahatma Gandhi (new) series. Meanwhile, all bank notes of 100 and 200 rupees which have been issued earlier by the Reserve Bank will remain valid currency. Malhotra took over as RBI Governor in December 2024 in place of Shaktikant 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 interference rules within the scope of regulatory security. Also, the cross -border will expand the reach of UPI (Unified Payment Interface) for efficient payment. Apart from RBI, other important aspects like the government and banks and payment system operators have also taken several initiatives to encourage digital payments.
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