Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹20 lakh on M/s Religare Finvest Ltd. under section 58G read with section 58B of the RBI Act, 1934. RBI said an inspection under section 45N found the company had failed to comply with various directions/orders issued by RBI from time to time, including in relation to an assignment transaction. After a show-cause notice and personal hearing, RBI concluded the violations were substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 20.0 L
- Entity Type
- NBFC
- Action Type
- Monetary penalty
- Order Date