Case Brief
RBI, by order dated February 1, 2023, imposed a monetary penalty of Rs 42.48 lakh on Krazybee Services Private Limited, Bangalore. Following a statutory inspection, RBI found the company had not ensured that its recovery agents refrained from harassing or intimidating customers during debt collection, and it also noted persistent complaints regarding the company’s recovery and collection methods. The penalty was imposed for non-compliance with RBI directions on Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs and Fair Practices Code for applicable NBFCs, under the relevant provisions of the RBI Act, 1934.
Action Snapshot
- Primary Impact
- Fine: Rs 42.5 L
- Entity Type
- NBFC
- Location
- Bangalore