Case Brief
The Reserve Bank of India imposed a monetary penalty on ECL Finance Limited by order dated December 04, 2023. The action was taken after RBI’s inspection found non-compliance with certain provisions of the RBI (Know Your Customer) Direction, 2016, specifically that the company failed to put into use a robust software for effective identification and reporting of suspicious transactions. RBI concluded the charge was substantiated after considering the company’s reply and oral submissions, and imposed the penalty under the RBI Act, 1934.
Action Snapshot
- Primary Impact
- Fine: Rs 49,000
- Entity Type
- NBFC
- Location
- Mumbai, Maharashtra
- Order Date