Recorded RBI impact
Fine: Rs 81.9 L
Monetary penalty · Fresh imposition
Published by RBI
5 Aug 2022
Case Brief
By an order dated August 03, 2022, RBI imposed a monetary penalty of ₹81.92 lakh on Jupiter Capital Private Limited, Bengaluru. The penalty was levied for non-compliance with provisions of the Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016 and RBI directions on Membership of Credit Information Companies, based on inspection findings that the company did not comply with requirements for submission of credit information to CRILC and to CICs. RBI issued a show-cause notice, considered the company’s reply, and then concluded that the non-compliance was substantiated and warranted the penalty.
Why RBI Acted
RBI imposed a monetary penalty on Jupiter Capital Private Limited, Bengaluru for non-compliance with certain provisions of the Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016 and RBI directions on Membership of Credit Information Companies. The inspection found non-compliance relating to submission of credit information to CRILC and to CICs, and RBI concluded the charge was substantiated after considering the company’s reply to the show-cause notice.
Operating Impact
Jupiter Capital Private Limited must bear the monetary penalty and the finding of non-compliance remains on record. The action does not itself impose an operating restriction, but it signals continued regulatory scrutiny over its reporting and credit-information compliance obligations.
Regulatory Basis
- clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-section (5) of section 58 B of the Reserve Bank of India Act, 1934
- clause (iii) of sub-section (1) of section 25 read with sub-section (4) of section 23 of the Credit Information Companies (Regulation) Act, 2005
Action Facts
- Primary Impact
- Fine: Rs 81.9 L
- Order Date
- 3 Aug 2022
- Effective From
- 3 Aug 2022
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC