Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of Rs 7.60 lakh on Dhani Loans and Services Limited, Gurugram by order dated July 06, 2022. The penalty was for non-compliance with the RBI’s Know Your Customer (KYC) Directions, 2016. RBI’s inspection found that the company failed to ensure categorization of customers based on risk assessment and risk perception. After considering the company’s reply and additional submissions, RBI concluded that the charge was substantiated and that monetary penalty was warranted under the RBI Act, 1934.