Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹5 lakh on Shriram City Union Finance Limited, Chennai, by an order dated September 23, 2020. RBI said the company had failed to comply with directions on verification of the ownership of gold jewellery and on reporting of frauds under the relevant NBFC Directions, 2016. The penalty followed a statutory inspection, a show-cause notice, and RBI’s review of the company’s reply and submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- NBFC
- Location
- Chennai, Tamil Nadu
- Order Date