RBI imposes monetary penalty on IIFL Samasta Finance Limited

Case Brief

The Reserve Bank of India imposed a monetary penalty on IIFL Samasta Finance Limited by order dated June 5, 2026. The penalty was based on supervisory findings of non-compliance with RBI’s KYC Directions and Fraud Risk Management in NBFCs Directions, including failure to implement robust software for identification and reporting of suspicious transactions and failure to disclose correct fraud details in the FY2024-25 notes to accounts. RBI said the action was taken under section 58G(1)(b) read with section 58B(5)(aa) of the RBI Act, 1934.