Case Brief
By an order dated August 05, 2022, RBI imposed a monetary penalty of Rs 2.33 crore on Spandana Sphoorty Financial Limited, Hyderabad, an NBFC-MFI. The penalty was imposed for non-compliance with certain provisions of the RBI’s NBFC-Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016. RBI’s statutory inspections and related supervisory review found that the company had failed to adhere to pricing of credit guidelines applicable to microfinance institutions. After issuing a show-cause notice and considering the company’s written and oral submissions, RBI concluded that the charge of non-compliance was substantiated and warranted penalty under the RBI Act, 1934.
Action Snapshot
- Primary Impact
- Fine: Rs 2.33 Cr
- Entity Type
- NBFC
- Location
- Hyderabad