RBI imposes Rs 8.50 lakh penalty on Bajaj Finance
Mumbai: The Reserve Bank of India (RBI) on Friday slapped a fine of Rs 8.50 lakh penalty on Bajaj Finance for violation of the rule pertaining to reporting of frauds.
The fine has been imposed as the company has not complied with the RBI directions to the extent of not reporting and delay in reporting certain frauds to RBI, a press release said.
Consequently, a notice was issued to the company advising it to show cause as to why a penalty should not be imposed for its failure to comply with the RBI directions, as stated therein, the release said.
After considering the company’s reply to the notice, additional submissions made by it and oral submissions made during the Personal Hearing, RBI came to the conclusion that the charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty, release added.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Two children die, several get ill after consuming cough syrup in Rajasthan
J&K: Mehbooba Mufti accuses BJP of forcing people to stand for national anthem at ‘gunpoint’
Shoaib Akhtar slams PCB after Asia Cup 2025 final loss, calls it ‘senseless and headless chicken’
PM Modi releases ₹100 coin, says first-ever Bharat Mata image carved on currency
