Mumbai, Mar 13 (PTI) The Reserve Bank has imposed penalties on JM Financial Products and Experian Credit Information Company of India for certain deficiencies in regulatory compliance.

In a release on Thursday, RBI said a penalty of Rs 3.1 lakh has been imposed on JM Financial Products Limited for non-compliance with certain provisions of the direction related to 'non-banking financial company - systemically important non-deposit taking company and deposit-taking company'.

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A penalty of Rs 2 lakh has been imposed on Experian Credit Information Company of India Private Limited for non-compliance with certain provisions of the Credit Information Companies (Regulation) Act, 2005 and the Credit Information Companies Rules, 2006, it said in a separate release.

Reserve Bank of India also said the penalties are based on deficiencies in regulatory compliance and are not intended to be pronounced upon the validity of any transaction or agreement entered into by the companies with their customers.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)