Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹5.00 lakh on Nissan Renault Financial Services India Private Limited, Chennai, by order dated November 17, 2020. The penalty was levied for non-compliance with RBI directions applicable to NBFCs under the 2016 Directions, specifically the Fair Practices Code. RBI said its statutory inspection found the non-compliance, issued a show-cause notice, and after considering the company's reply and supporting documents, held the charge substantiated under the RBI Act, 1934.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- NBFC
- Location
- Chennai
- Order Date