RBI imposes monetary penalty on Shaha Finlease Private Limited, Mumbai
Case Brief
RBI, by order dated January 02, 2026, imposed a monetary penalty of Rs 10,000 on Shaha Finlease Private Limited, Mumbai. The penalty was levied after an onsite scrutiny and subsequent show-cause process, where RBI found that the company had failed to put in place a system for periodical review of compliance with the Fair Practices Code. The action was taken under Section 58G(1)(b) read with Section 58B(5)(aa) of the RBI Act, 1934.
After onsite scrutiny and consideration of the company's reply, additional submissions, and oral submissions, RBI concluded that one charge was sustained: Shaha Finlease Private Limited failed to establish a system for periodical review of compliance with the 'Fair Practices Code'. The monetary penalty was imposed under Section 58G(1)(b) read with Section 58B(5)(aa) of the RBI Act, 1934, for non-compliance with RBI directions on Fair Practices Code.
Severity Assessment
This is a monetary penalty of Rs 10,000, which falls in the lowest monetary band and carries no operational restriction floor beyond a procedural compliance finding.
The company must absorb the monetary penalty and ensure stronger internal controls around periodic review of compliance with RBI’s Fair Practices Code. The release also states that the penalty is without prejudice to any other action RBI may initiate later, so further supervisory or enforcement action remains possible if non-compliance continues.
Published as Shaha Finlease Private Limited
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