JP Morgan Chase, N.A., Mumbai, has been penalised Rs 5 lakh by the Reserve Bank of India for contravention of various directions and instructions issued by it in respect of risk management and inter-bank dealings and compliance functions. The RBI, in a statement, said these contraventions took place during 2011-12.
“The RBI had issued a show-cause notice to the bank, and in response the bank had submitted its written reply. On a careful examination of the bank’s reply and the documents available on record, the Reserve Bank found that the violations were conclusively established and a penalty of Rs 5 lakh was thus imposed,” said the RBI statement.