RBI imposes Monetary Penalty on M/s Ramky Finance and Investment (P) Limited
Case Brief
The Reserve Bank of India imposed a monetary penalty on M/s Ramky Finance and Investment (P) Limited under section 58G of the RBI Act, 1934. RBI said the company changed its name to M/s Ramky IWM Private Limited with effect from March 31, 2016 without prior RBI approval, violating the relevant RBI circular and directions. After a show-cause notice, written response, and personal hearing, RBI concluded that the violation was established and imposed a penalty of ₹1 lakh.
RBI imposed a 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. The company changed its name to M/s Ramky IWM Private Limited w.e.f. March 31, 2016 without obtaining prior approval of RBI, thereby violating para 5 of the circular dated January 13, 2000 issued by RBI. RBI issued a show cause notice on January 20, 2017, considered the company’s response and personal hearing on August 16, 2017, and concluded that the violation was substantiated, warranting monetary penalty.
Severity Assessment
This is a monetary penalty of ₹1 lakh, which falls in the lowest monetary band and has no broader operational restriction.
The company must bear the monetary penalty of ₹1 lakh. The order does not describe any further operational restriction, but it records RBI’s finding of non-compliance with approval requirements for name change, which may be relevant for future regulatory scrutiny.
Published as M/s Ramky Finance and Investment (P) Limited
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