Case Brief
RBI, by order dated February 11, 2025, imposed a monetary penalty of Rs 2 lakh on Pinnacle Capital Solutions Pvt. Ltd., Jharkhand. The action followed onsite scrutiny and supervisory findings of non-compliance with RBI directions on Credit Card and Debit Card – Issuance and Conduct and on Digital Lending. RBI found that the company issued a credit line in the nature of a credit card to certain borrowers without prior RBI approval and disbursed loans through a third-party pass-through account. The penalty was imposed under Section 58G(1)(b) read with Section 58B(5)(aa) of the RBI Act, 1934, and was stated to be without prejudice to any other action RBI may initiate.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- NBFC
- Location
- Jharkhand