Case Brief
RBI imposed a monetary penalty of ₹20 lakh on M/s Shriram City Union Finance Ltd. under section 58G(1)(b) read with section 58B(5)(aa) of the RBI Act, 1934. The penalty followed scrutiny of sample loan accounts that found violations of RBI's Fair Practices Code guidelines and other directions/orders issued from time to time; RBI issued a show-cause notice, held a personal hearing, and then concluded the violations were substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 20.0 L
- Entity Type
- NBFC
- Action Type
- Monetary penalty
- Order Date