RBI Imposes ₹76.6 Lakh Penalty on Four NBFCs for Regulatory Violations
The Reserve Bank of India (RBI) has imposed monetary penalties totaling ₹76.6 lakh on four Non-Banking Financial Companies (NBFCs) for non-compliance with regulatory norms. These penalties were issued under Section 58G of the Reserve Bank of India Act, 1934, and Section 30 of the Payment and Settlement Systems Act, 2007. The violations included lapses in governance, reporting requirements, fair lending practices, capital adequacy, and fraud risk management. The RBI’s action reinforces its commitment to financial discipline, consumer protection, and strengthening compliance in the NBFC sector.
Summary/Static | Details |
Why in the news? | RBI Imposes ₹76.6 Lakh Penalty on Four NBFCs for Regulatory Violations |
Total Penalty Amount | ₹76.6 lakh |
Regulatory Acts | Section 58G (RBI Act, 1934) & Section 30 (PSS Act, 2007) |
NBFCs Penalized | NBFC A, NBFC B, NBFC C, NBFC D |
Penalty on Visionary Financepeer | ₹16.6 lakh |
Key Violations | Fair lending non-compliance, weak KYC norms, risk management failures, improper reporting |
Expected Impact | Improved compliance, better consumer protection, enhanced market trust |
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