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Jio Payments Bank controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 2020

    Reserve Bank penalty for delayed executive reappointment application

    In October 2020, the Reserve Bank of India fined Jio Payments Bank ₹1 crore after the bank did not apply in time for the reappointment of its managing director and chief executive officer. The penalty cited Section 35B of the Banking Regulation Act, 1949.

    Source

  2. 2020

    RBI fines Jio Payments Bank for late reappointment application

    Fine or penalty

    The Reserve Bank of India imposed a penalty of Rs 1 crore on Jio Payments Bank for submitting an application regarding its managing director and CEO's reappointment late. The RBI said the action was based on regulatory-compliance deficiencies and was not intended to pronounce on the validity of customer transactions or agreements.

    Source excerpt

    • The Reserve Bank of India (RBI) has imposed penalty worth Rs 1 crore on Jio Payments Bank Ltd for not submitting application regarding the reappointment of MD and CEO in time.
    • This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,
    Source