Case Brief
The Reserve Bank of India imposed a monetary penalty on M/s Ramky Finance and Investment (P) Limited under section 58G of the RBI Act, 1934. RBI said the company changed its name to M/s Ramky IWM Private Limited with effect from March 31, 2016 without prior RBI approval, violating the relevant RBI circular and directions. After a show-cause notice, written response, and personal hearing, RBI concluded that the violation was established and imposed a penalty of ₹1 lakh.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- NBFC
- Action Type
- Monetary penalty
- Order Date