Case Brief
The Reserve Bank of India imposed a monetary penalty on KKR India Financial Services Limited, Mumbai by order dated May 05, 2022. The penalty was for non-compliance with RBI’s Monitoring of Frauds in NBFCs Directions, 2016, after inspection findings showed delay in reporting frauds to RBI through FMR-1 and a DO letter. RBI said the action was based on deficiencies in regulatory compliance and did not pronounce on the validity of any transaction or agreement with customers.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- NBFC
- Location
- Mumbai
- Order Date