Rbi imposes Rs 5 Lakh penalty on Daimler Financial Services India, Kkr India Financial Services

On Friday, the RBI imposed a fine of Rs 5 lakh each on Daimler Financial Services India and KKR India Financial Services for failing to comply with instructions on “monitoring fraud in NBFCs”.

The central bank said it carried out a statutory inspection of the two companies with reference to their financial situation as of March 31, 2020.

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The sanctions were imposed after consideration of their responses to his notices, oral submissions made at the personal hearing and consideration of additional submissions they made.

The RBI, however, added that the penalties are based on breaches of regulatory compliance and are not intended to rule on the validity of any transaction or agreement entered into by them with their clients.

First post: STI


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