Reserve Bank of India slaps Rs 1 crore penalty on Bajaj Finance
RBI has imposed a penalty of Rs 1 crore on Bajaj Finance Ltd for violating "fair practices code".
- Jan 15, 2019,
- Updated Jan 15, 2019 8:53 AM IST
The Reserve Bank of India (RBI) Monday said it has imposed a penalty of Rs 1 crore on Bajaj Finance Ltd, a non-banking financial company (NBFC), for violating "fair practices code".
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, the RBI added.
Bajaj Finance is into businesses such as consumer finance, SME finance and commercial lending.
The Reserve Bank of India (RBI) Monday said it has imposed a penalty of Rs 1 crore on Bajaj Finance Ltd, a non-banking financial company (NBFC), for violating "fair practices code".
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, the RBI added.
Bajaj Finance is into businesses such as consumer finance, SME finance and commercial lending.