The Reserve Bank of India (RBI) on Tuesday imposed a monetary penalty of Rs. 5, 00,000 on Eko India Financial Services Private Limited, in exercise of the powers vested under the provisions of section 30 of the PSS Act, 2007 for not adhering to RBI instructions and wrongful reporting.
The RBI had earlier issued a show cause notice to the entity based on the scrutiny of returns, in response to which the entity made a written submission.
After considering the facts of the case and the submission made by the entity, the RBI came to a conclusion that the charges were substantiated.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
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