RBI Slaps 1-cr Penalty on Bajaj Finance

The Economic Times - - Money -

The Re­serve Bank of In­dia has im­posed a fine of ₹ 1 crore on Bajaj Finance, a non­bank­ing fi­nan­cial com­pany (NBFC), cit­ing vi­o­la­tion of Fair Prac­tices Code.

“This ac­tion is based on de­fi­cien­cies in reg­u­la­tory com­pli­ance and is not in­tended to pro­nounce upon the va­lid­ity of any trans­ac­tion or agree­ment en­tered into by the NBFC with its cus­tomers,” the cen­tral bank said.

Bajaj Finance is into busi­nesses such as con­sumer finance, SME finance and com­mer­cial lend­ing.

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