The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹3.10 lakh (Rupees Three Lakh Ten Thousand only) on CreditAccess Grameen Limited for non-compliance with certain provisions of the ‘Reserve Bank of India (Know Your Customer (KYC)) Directions’ issued by RBI.
The company failed to put in place a robust software, throwing alerts when the transactions are inconsistent with risk categorization and updated profile of customers, as a part of effective identification and reporting of suspicious transactions.
CreditAccess Grameen Limited (CA Grameen) is an Indian microfinance institution, headquartered in Bengaluru, which serves customers predominantly in rural areas. The company is engaged in providing microfinance services to women from low-income households who are enrolled as members and organized in Joint Liability Groups.
CreditAccess Grameen (CA Grameen) was established in 1999 by Vinatha M. Reddy, who was inspired by the book “Give Us Credit” by Alex Counts, President & CEO of Grameen Foundation USA.
In August 2018, the company was listed on National Stock Exchange and Bombay Stock Exchange with INR 1,131 crore-IPO.
| Founded | 1999 |
|---|---|
| Headquarters | Bengaluru, India |
| Number of locations | 1,967 |
| Area served | 16 states & 1 union territory |
| Key people | Udaya Kumar Hebbar (Managing Director)[1]Ganesh Narayanan (Chief Executive Officer)[ |
