The RBI has imposed penalty on 3 Finance Companies – IIFL Samasta Finance Limited, True Credits Private Limited and Repco Home Finance Limited.
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹3.90 lakh (Rupees Three Lakh Ninety Thousand only) on IIFL Samasta Finance Limited as:
- The company failed to put in place a robust software for effective identification and reporting of suspicious transactions; and,
- The company failed to disclose correct details of frauds reported for the financial year 2024-25 in the Financial Statement – Notes to Accounts.
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹3.10 lakh (Rupees Three Lakh Ten Thousand only) on True Credits Private Limited as the company failed to undertake Enhanced Due Diligence (EDD) measures for certain customers onboarded through non-face-to-face modes.
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹70,000/- (Rupees Seventy thousand only) on Repco Home Finance Limited as the company failed to disclose the approach for gradation of risk and rationale for charging different rate of interest to different categories of borrowers in the application forms and in the sanction letters.
