Case Brief
The Reserve Bank of India imposed a monetary penalty on Fortune Integrated Assets Finance Ltd., Mumbai, by order dated January 31, 2020. RBI said the company failed to comply with its 'Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016'. The release also notes that statutory inspection had observed non-compliance with other RBI directions on NBFC systemically important/deposit-taking and non-deposit-taking companies and corporate governance. RBI clarified that the penalty action is based on regulatory compliance deficiencies and does not pronounce on the validity of any transaction or agreement entered into by the company with its customers.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- NBFC
- Location
- Mumbai