Case Brief
RBI imposed a monetary penalty of ₹4.20 lakh on HDB Financial Services Limited after finding non-compliance with certain provisions of the RBI (Know Your Customer (KYC)) Directions, 2016. The sustained violation was that the company failed to obtain PAN, an equivalent e-document, or Form 60 in certain loan accounts disbursed during FY 2023-24. The penalty was issued under the RBI Act, 1934, following inspection, show-cause proceedings, and consideration of the company’s reply and submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 4.20 L
- Entity Type
- NBFC
- Action Type
- Monetary penalty