Case Brief
The Reserve Bank of India imposed a penalty of Rs 5.00 lakh on JP Morgan Chase, N.A., Mumbai under the Banking Regulation Act, 1949. RBI said the bank had contravened various directions and instructions relating to Risk Management, Inter Bank Dealings, and Compliance Functions during 2011-2012. Following a show-cause notice, RBI examined the bank's written reply and supporting records and concluded that the violations were established, leading to the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Bank
- Location
- Mumbai
- Order Date