RBI imposes Monetary Penalty on M/s Religare Finvest Ltd
Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹20 lakh on M/s Religare Finvest Ltd. under section 58G read with section 58B of the RBI Act, 1934. RBI said an inspection under section 45N found the company had failed to comply with various directions/orders issued by RBI from time to time, including in relation to an assignment transaction. After a show-cause notice and personal hearing, RBI concluded the violations were substantiated and warranted the penalty.
RBI imposed a monetary penalty under clause (b) of sub-section (1) of section 58G read with clause (aa) of sub-section (5) of section 58B of the RBI Act, 1934. An inspection under section 45N found that the company had failed to comply with various RBI directions/orders, inter alia in respect of an assignment transaction; the company’s reply to the show-cause notice and submissions at personal hearing were not found satisfactory.
Severity Assessment
The action is a monetary penalty of ₹20 lakh, which falls in severity band 3 under the amount rubric.
The company must absorb the monetary penalty; no operational restriction is described in this release. The action is adverse to the company, but it does not impose a suspension, cancellation, or business-wide operating cap.
Published as M/s Religare Finvest Ltd.
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