RBI Penalises JM Financial Products and Experian Credit Bureau
Why in the news
The RBI announced monetary penalties on an NBFC and a credit bureau for lapses in following regulations.
Penalties
| Entity | Fine | Reason |
|---|---|---|
| JM Financial Products Limited | ₹3.1 lakh | Not following certain provisions for Non-Banking Financial Companies |
| Experian Credit Information Company of India | ₹2 lakh | Breach of the Credit Information Companies (Regulation) Act, 2005 and related rules |
Regulatory message
- Firms in these sectors must follow RBI norms strictly; deviations can bring fines or closer scrutiny.
- The RBI keeps tightening oversight for transparency and stability.
- Such enforcement protects consumer interests and supports financial governance.
Exam angle
- Law involved: Credit Information Companies (Regulation) Act, 2005.
- Regulator: Reserve Bank of India.
- Entities: an NBFC and a credit information company (credit bureau).