RBI imposes Rs 8.50 lakh penalty on Bajaj Finance for rule violations

Reserve Bank of India

The Reserve Bank of India (RBI) on October 13 said it has imposed Rs 8.50 lakh penalty on Bajaj Finance for rule violations.

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 of certain frauds to RBI, release said.

Consequently, a notice was issued to the company advising it to show cause as to why penalty should not be imposed for its failure to comply with the RBI directions, as stated therein, 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, to the extent of such non-compliance with such directions, release added.