May 04, 2021
× The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹25.50 lakh on Jumbo Finvest (India) Ltd, Jaipur, for non-compliance with provisions of two of its directions.
RBI, in a statement, said the monetary penalty has been imposed for non-compliance with certain provisions of its directions contained in ‘Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016’ and ‘Reserve Bank of India, Know Your Customer (KYC) Directions, 2016’.
“This penalty has been imposed in exercise of powers vested in RBI under the provisions of…the Reserve Bank of India Act, 1934, taking into account the failure of the company to adhere to the aforesaid directions issued by RBI,” the statement said.
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RBI imposes Rs 25.5 lakh penalty on Jaipur-based Jumbo Finvest (India)
The Reserve Bank of India (RBI) on Tuesday said it has imposed a penalty o fRs 25.5 lakh on Jumbo Finvest (India) Limited, Jaipur. The penalty has been imposed 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 .