Case Brief
By an order dated June 5, 2026, RBI imposed a monetary penalty of Rs 3.10 lakh on True Credits Private Limited. The action followed a statutory inspection and subsequent show-cause proceedings, in which RBI found that the company had failed to undertake Enhanced Due Diligence for certain customers onboarded through non-face-to-face modes, contrary to RBI's KYC Directions. The penalty was imposed under section 58G(1)(b) read with section 58B(5)(aa) of the RBI Act, 1934.
Action Snapshot
- Primary Impact
- Fine: Rs 3.10 L
- Entity Type
- NBFC
- Action Type
- Monetary penalty
- Order Date