RBI slaps Rs 5 lakh penalty on JP Morgan

“These contraventions took place during the year 2011-2012,” the Reserve Bank of India said in a statement.

Written by ENS Economic Bureau | Mumbai | Published:April 13, 2013 2:29 am

The Reserve Bank of India has imposed a penalty of Rs 5 lakh on JP Morgan Chase,NA,Mumbai,for contraventions of various directions and instructions issued by the central bank in respect of risk management and inter bank dealings and compliance functions.

“These contraventions took place during the year 2011-2012,” the Reserve Bank of India said in a statement. “The RBI had issued show-cause notice to the bank and in response to it the bank had submitted its written reply,” the central bank said.

On a careful examination of the bank’s written reply and the documents available on record,the RBI found that the violations were conclusively established and a penalty of Rs 5 lakh was thus imposed under the provisions of the Banking Regulation Act,1949,it said.

Blackberry seeks probe into report

Smartphone maker BlackBerry on Friday slammed as “false and misleading” a brokerage research note which claimed consumers were returning the new Z10 handsets at a high rate.

The firm said it would ask US and Canadian stock market regulators to investigate the basis for the note which was issued this week by Detwiler Fenton. BlackBerry said Detwiler Fenton refused to share both its report and its methodology.

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