On 21st February 2025, the Reserve Bank of India (RBI) imposed monetary penalties on three financial institutions for regulatory non-compliance:
Citibank was fined ₹39 lakh for violating directions related to the Large Exposures Framework and Furnishing of Credit Information to Credit Information Companies.
Asirvad Micro Finance Limited was fined ₹6.2 lakh for failing to report borrowers’ household income, not providing factsheets to certain gold loan customers, and lacking an auto-escalation system for rejected complaints.
JM Financial Home Loans Limited was fined ₹1.5 lakh for not disclosing the approach for risk gradation and the rationale behind different interest rates for different borrower categories.
RBI clarified that these penalties are due to regulatory deficiencies and do not question the validity of transactions or agreements with customers.
