RBI imposes monetary penalty on CreditAccess Grameen Limited

Case Brief

By an order dated May 25, 2026, RBI imposed a monetary penalty on CreditAccess Grameen Limited following a statutory inspection conducted with reference to its financial position as on March 31, 2025. RBI concluded that the company had not complied with certain provisions of the RBI (Know Your Customer (KYC)) Directions because it failed to put in place a robust software system to generate alerts when transactions were inconsistent with customers’ risk categorization and updated profiles, affecting suspicious transaction identification and reporting. The penalty was imposed under section 58G(1)(b) read with section 58B(5)(aa) of the RBI Act, 1934, after considering the company’s reply and oral submissions at the personal hearing.