Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹6.00 lakh on Sakthi Finance Limited, Coimbatore, Tamil Nadu, for non-compliance with the RBI (Know Your Customer (KYC)) Directions, 2016. RBI’s inspection found that the company had not undertaken customer risk categorization and had not carried out periodic KYC updation for high-risk customers during FY 2021-22. After considering the company’s reply, additional submissions, and oral submissions, RBI concluded that the charge was substantiated and imposed the penalty under the RBI Act, 1934.
Action Snapshot
- Primary Impact
- Fine: Rs 6.00 L
- Entity Type
- NBFC
- Location
- Coimbatore, Tamil Nadu
- Order Date