Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹5.00 lakh on Bajaj Housing Finance Limited, Pune, by order dated January 29, 2024. RBI said the company violated provisions of the Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021 by failing to obtain prior written permission for a change in management that resulted in a change of more than 30% of its directors, excluding independent directors. The penalty was imposed after RBI considered the company’s reply to the show-cause notice, additional submissions, and oral submissions at the personal hearing, and found the charge substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- NBFC
- Location
- Pune