Case Brief
The Reserve Bank of India imposed a monetary penalty on Mintifi Finserve Private Limited after a statutory inspection and subsequent show-cause proceedings. RBI found that the company had not uploaded KYC records of certain customers to the Central KYC Records Registry within the prescribed timeline, violating RBI directions on KYC. The penalty was imposed under the RBI Act, 1934, and RBI noted that the action was based on regulatory compliance deficiencies and did not pronounce on the validity of any transaction or agreement.
Action Snapshot
- Primary Impact
- Fine: Rs 3.10 L
- Entity Type
- NBFC
- Action Type
- Monetary penalty