Case Brief
By an order dated September 28, 2023, RBI imposed a monetary penalty on Bajaj Finance Limited, Pune, Maharashtra for non-compliance with the RBI’s Monitoring of Frauds in NBFCs Directions, 2016. The inspection process found that the company had not reported, and had delayed reporting, certain frauds to RBI. RBI concluded that the charge was substantiated after considering the company’s reply, additional submissions, and oral hearing, and imposed the penalty under the RBI Act, 1934.
Action Snapshot
- Primary Impact
- Fine: Rs 8.50 L
- Entity Type
- NBFC
- Location
- Pune, Maharashtra
- Order Date