RBI imposes Rs 8.50 lakh penalty on Bajaj Finance
Mumbai: The Reserve Bank of India (RBI) on Friday slapped a fine of Rs 8.50 lakh penalty on Bajaj Finance for violation of the rule pertaining to reporting of frauds.
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 certain frauds to RBI, a press release said.
Consequently, a notice was issued to the company advising it to show cause as to why a penalty should not be imposed for its failure to comply with the RBI directions, as stated therein, the 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, release added.
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