RBI Fines Citibank, Asirvad Micro Finance, JM Financial for Violations

The Reserve Bank of India (RBI) penalized Citibank, Asirvad Micro Finance, and JM Financial Home Loans for breaking rules. Citibank must pay Rs 39 lakh for late reporting of breaches and failing to correct data quickly.

Asirvad Micro Finance received a Rs 6.20 lakh fine for not reporting borrowers’ household income, not giving factsheets to gold loan customers, and lacking a system for escalating rejected complaints.

JM Financial Home Loans faces a Rs 1.50 lakh penalty for not disclosing risk gradation and reasons for different interest rates in forms and letters.

These fines highlight issues in following rules but do not affect customer transactions. The RBI may take further steps if needed. This move stresses the importance of adhering to regulations to maintain the financial system’s integrity.