RBI imposes monetary penalty on Glowmore Finance Private Limited, Odisha

Case Brief

By an order dated November 13, 2025, RBI imposed a monetary penalty of ₹4.00 lakh on Glowmore Finance Private Limited, Odisha. RBI found that the company had violated provisions of the Master Direction – RBI (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 by not securing prior written permission for a change in management that led to replacement of more than 30% of its directors, excluding independent directors. RBI stated that the action was taken under the RBI Act, 1934, after considering the company’s reply, oral submissions, and additional submissions during the personal hearing.