Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on M/s Swagatam Marketing Private Limited, Kolkata, a Non-Systemically Important, Non-Deposit taking NBFC. RBI found that the company changed its management without prior approval, thereby violating RBI directions on change in management for NBFCs. The penalty was imposed after the company was issued a show-cause notice, and RBI considered its reply and oral submissions before concluding that the contravention was substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- NBFC
- Location
- Kolkata, West Bengal
- Order Date