Case Brief
By an order dated October 09, 2019, RBI imposed a monetary penalty of ₹5 lakh on Toyota Financial Services India Limited. The penalty was levied under section 58G(1)(b) read with section 58B(5)(aa) of the RBI Act after an inspection found non-compliance with RBI directions on monitoring of frauds in NBFCs. RBI noted that the action was based on deficiencies in regulatory compliance and not intended to pronounce on the validity of any transaction or agreement entered into by the company with its customers.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- NBFC
- Action Type
- Monetary penalty