RBI imposes monetary penalty on Aptus Finance India Private Limited, Chennai

Case Brief

By an order dated January 20, 2025, RBI imposed a monetary penalty of ₹3.10 lakh on Aptus Finance India Private Limited. RBI said the company had not complied with certain provisions of the NBFC Directions, 2016 relating to governance issues. The specific sustained violation was failure to obtain prior written RBI permission before effecting a change in management that resulted in a change of more than 30% of its directors, excluding independent directors. The penalty was imposed under the RBI Act, 1934, and RBI clarified that the action is based on regulatory compliance deficiencies and does not pronounce on the validity of any transaction or agreement entered into by the company.