Case Brief
By an order dated January 03, 2019, RBI imposed a monetary penalty of ₹10.0 million on Bajaj Finance Ltd., an NBFC. The penalty was for violation of the Fair Practices Code under Master Direction DNBR. PD. 008/03.10.119/2016-17 dated September 01, 2016, and was imposed under Section 58G(1)(b) read with Section 58B(5)(aa) of the RBI Act, 1934. RBI clarified that the action arose from deficiencies in regulatory compliance and was not intended to pronounce on the validity of any transaction or agreement with customers.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 Cr
- Entity Type
- NBFC
- Action Type
- Monetary penalty