Reserve Bank of India imposes monetary penalty on Jumbo Finvest (India) Limited
Case Brief
By an order dated May 03, 2021, RBI imposed a monetary penalty on Jumbo Finvest (India) Limited, Jaipur. The company was found non-compliant with certain provisions of the NBFC Directions, 2016 and the RBI KYC Directions, 2016, based on findings from a statutory inspection as of March 31, 2019. After a show-cause process, RBI concluded the contraventions were substantiated and imposed the penalty under the RBI Act, 1934.
RBI imposed a monetary penalty after a statutory inspection found that Jumbo Finvest (India) Limited had not complied with certain provisions of the Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 and the Reserve Bank of India (Know Your Customer) Directions, 2016. RBI issued a show-cause notice, considered the company’s reply, and concluded that the non-compliance was substantiated under section 58G read with section 58B(5)(aa) of the RBI Act, 1934.
Severity Assessment
The penalty is ₹25.50 lakh, which falls above the ₹20 lakh monetary threshold, making severity 4.
The company must bear the monetary penalty of ₹25.50 lakh. The order does not invalidate customer transactions or agreements, but it reflects regulatory non-compliance and may affect supervisory scrutiny going forward.
Published as Jumbo Finvest (India) Limited
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