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RBI imposes Rs 1 cr penalty on Bajaj Finance

RBI imposes Rs 1 cr penalty on Bajaj FinanceMumbai, Jan 14 (IANS) The Reserve Bank of India has imposed a penalty of Rs 1 crore on Bajaj Finance for deficiencies in regulatory compliance.

According to RBI, the penalty has been imposed, by an order on January 3, for violation of 'fair Practices Code of Master Direction DNBR'.

"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the NBFC with its customers," RBI said in a statement on Monday.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)

 

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RBI imposes Rs 1 cr penalty on Bajaj Finance

About Gopi Adusumilli

Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc. He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources. When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any. He can be reached at gopi@socialnews.xyz

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