Blessing Micro Finance Limited has also been fined Rs 6.20 lakh.
The Reserve Bank of India (RBI) said on Friday that Citibank NA for not following the instructions related to the big risk structure and delay in submitting credit information to CIC. But a penalty of Rs 39 lakh has been imposed. According to PTI news, the central bank stated that the legal inspection for supervisory evaluation of the bank was conducted in terms of its financial condition by 31 March 2023.
Citibank N.A. A notice was issued to
According to the news, on the basis of the supervisory findings of not following the instructions of the Reserve Bank of India and the corresponding correspondence in that regard, Citibank N.A. A notice was issued to him, in which he was advised to give the reason why he should not be fined to fail to follow the above instructions.
After considering the bank’s reply on the notice and oral presentations made during the individual hearing, the RBI found that the bank reported some violations in large risk boundaries; And it did not upload corrected data related to some segments within seven days of receiving rejection report from credit information companies.
JM Financial Home Loans Limited also fined
The RBI also imposed a fine of Rs 1.50 lakh on JM Financial Home Loans Limited for not complying with some provisions of ‘Non-Banking Financial Company-Housing Finance Company (Reserve Bank) instructions, 2021’. A fine of Rs 6.20 lakh has also been imposed on Micro Finance Limited for not following some provisions. In all cases, the RBI said that the fine is based on deficiencies in regulatory compliance and the purpose is not to pronounce the verdict on any transaction or validity of agreement by institutions with its customers.
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