monetary penalty of Rs 39 lakh imposed on Citibank by the RBI.
This penalty was imposed for non-compliance with certain directions related to the Large Exposures Framework and the Furnishing of Credit Information to Credit Information Companies.
On February 22, a fine of Rs 620,000 had also been imposed on Ashirvad Micro Finance Ltd by the apex bank for failing to provide household income information of certain borrowers to credit information companies.
It also failed to provide factsheets to certain gold loan customers.
Besides this, it failed to establish a system of auto-escalation of all complaints that were partly or wholly rejected by its internal grievance redressal mechanism to the Internal Ombudsman for a final decision.
Additionally, the RBI has imposed a monetary penalty of one lakh fifty thousand rupees on JM Financial Home Loans Limited.
The penalty was imposed as the company failed to disclose the approach for gradation of risk and the rationale for charging different rates of interest to different categories of borrowers.
