RBI imposes penalty on Eko India Financial Services Private Limited
Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 5,00,000 on Eko India Financial Services Private Limited under section 30 of the PSS Act, 2007. The penalty was based on findings that the entity had not adhered to RBI instructions and had submitted wrongful reporting. RBI had earlier issued a show-cause notice after scrutinizing returns, and it concluded the charges were substantiated after reviewing the entity’s written submission.
RBI imposed a monetary penalty under section 30 of the PSS Act, 2007 on Eko India Financial Services Private Limited for not adhering to RBI instructions and for wrongful reporting. A show-cause notice had been issued earlier based on scrutiny of returns, and after considering the facts and the entity’s written submission, RBI concluded that the charges were substantiated.
Severity Assessment
The action is a monetary penalty of Rs 5 lakh, which falls in the lowest monetary band (severity 1).
Eko India Financial Services Private Limited must absorb the financial penalty and address the compliance issues identified by RBI, particularly around adherence to regulatory instructions and accuracy of reporting. The action does not indicate an operational restriction, but it signals heightened regulatory scrutiny of the entity’s compliance controls and reporting practices.
Published as Eko India Financial Services Private Limited
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