Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹20 lakh on Dhani Loans and Services Limited, Gurugram, for non-compliance with certain provisions of the RBI’s Know Your Customer (KYC) Directions, 2016. The scrutiny found that the company failed to take live photographs of customers in the prescribed manner during digital KYC and failed to allot Unique Customer Identification Code (UCIC) to individual customers. RBI issued a show-cause notice, considered the company’s reply and additional submissions, and then concluded that the violations were substantiated. The action was taken under Section 58G read with Section 58B(5)(aa) of the RBI Act, 1934.
Action Snapshot
- Primary Impact
- Fine: Rs 20.0 L
- Entity Type
- NBFC
- Location
- Gurugram, Haryana