Case Brief
What Happened
RBI imposed a monetary penalty of ₹33.10 lakh on IIFL Samasta Finance Limited by order dated February 24, 2025. The penalty followed a statutory inspection and subsequent show-cause proceedings, after which RBI sustained charges that the company had charged interest before actual loan disbursement, failed to classify some overdue accounts as NPAs, incorrectly treated certain NPA accounts as standard assets without full recovery of dues, and allotted multiple customer identification codes instead of a unique code to some customers. The action was taken for non-compliance with the NBFC Directions and KYC Directions issued by RBI, and under the RBI Act, 1934.