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RBI imposes penalty on Daimler Financial, KKR India Financial Services

The central bank said it conducted statutory inspection of the two companies with reference to their financial position as on March 31, 2020

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Daimler Financial Services | KKR India Financial Services | RBI

Press Trust of India  |  Mumbai 


Photo: Reuters
Photo: Reuters

The on Friday imposed a penalty of Rs 5 lakh each on India and for non-compliance with directions related to 'monitoring of frauds in NBFCs'.

The central bank said it conducted statutory inspection of the two companies with reference to their financial position as on March 31, 2020.

The penalties were imposed after considering their replies to its notices, oral submissions made in the personal hearing and examination of additional submissions made by them.

The RBI, however, added that the penalties are based on the deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by them with their customers.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Fri, May 06 2022. 20:31 IST

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