 "RBI imposes penalty of Rs 13.9 lakh on Mynd Solutions for non-compliance")
The Reserve Bank of India (RBI) has penalised Mynd Solutions Private Limited Rs 13.9 lakh for not complying with its guidelines on Trade Receivables Discounting System (TReDS).
The central bank said that the non-promoter shareholding in the company exceeded the ceiling of 10 per cent prescribed for TReDS operators. A notice was issued to the firm, asking it to show cause as to why a penalty should not be imposed.
RBI, after considering Mynd’s responses and oral submissions made during a personal hearing, concluded that the charge of not complying with its directions was substantiated and warranted imposition of monetary penalty.
The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007 (PSS Act).
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%