India's central bank Friday imposed a penalty of 500,000 rupees ($9170) on the local branch of J.P. Morgan Chase & Co., saying that it violated rules on risk management and inter-bank dealings and compliance.
The rule violations took place during the financial year ended on March 31, 2012, the Reserve Bank of India said in a notice posted on its website.
The RBI said it had notified J.P. Morgan Chase Bank N.A., which operates the bank branch, about the violations. Its reply to the notice "conclusively established" the violations, the central bank said.
The RBI didn't provide specific details.
A J.P. Morgan spokeswoman in Mumbai said it had "noted the central bank's concerns and taken remedial action." She didn't elaborate further.
J.P. Morgan has only one bank branch in India.