The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.70 lakh on KLM Axiva Finvest Limited for non-compliance with certain RBI directions relating to the auction procedure. RBI found that the company had failed to pay the surplus amount received from the auction of pledged gold articles to certain borrowers after adjusting their outstanding loan amounts.
Penalty on Hero Fincorp Limited
RBI has also imposed a monetary penalty of ₹10 lakh on Hero Fincorp Limited for non-compliance with certain RBI directions relating to the Fair Practices Code for Lenders – Charging of Interest.
RBI found that Hero Fincorp Limited had collected excess interest from certain loan accounts. Based on this regulatory compliance deficiency, the central bank imposed the ₹10 lakh monetary penalty.
Penalty on Ola Financial Services
RBI has imposed another monetary penalty of ₹3.10 lakh on Ola Financial Services Private Limited for non-compliance with certain RBI directions relating to Know Your Customer (KYC) requirements.
RBI found that the company had failed to carry out risk categorisation of certain customers. RBI therefore imposed a monetary penalty of ₹3.10 lakh on the company.
