Case Brief
By an order dated May 03, 2021, RBI imposed a monetary penalty of ₹9.50 lakh on Balaji Instalments Limited, Pilibhit. The penalty was imposed because the company failed to comply with certain provisions of the RBI's NBFC Returns Directions, 2016 and NBFC Acceptance of Public Deposits Directions, 1998 (as amended). RBI noted that the non-compliance was found in scrutiny, a show-cause notice was issued, and after considering the company's reply and oral submissions, the charge was held substantiated under section 58G read with section 58B(5)(aa) of the RBI Act, 1934.
Action Snapshot
- Primary Impact
- Fine: Rs 9.50 L
- Entity Type
- NBFC
- Location
- Pilibhit
- Order Date