Case Brief
The Reserve Bank of India imposed a monetary penalty on M/s Pooram Finserv Pvt Limited, Thrissur, Kerala, after scrutiny of the company’s operations revealed non-compliance with RBI directions. The violations related to the Master Direction on Know Your Customer (KYC), 2016 and the RBI direction on raising money through private placement of non-convertible debentures (NCDs) by NBFCs. RBI concluded that the charge of non-compliance was substantiated and imposed the penalty under the RBI Act, 1934.
Action Snapshot
- Primary Impact
- Fine: Rs 10.0 L
- Entity Type
- NBFC
- Location
- Thrissur, Kerala
- Order Date