Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹2.70 lakh on Namdev Finvest Limited (formerly Namdev Finvest Private Limited) after a statutory inspection and show-cause process. RBI found the company had not put in place robust software for effective identification and reporting of suspicious transactions, breaching certain provisions of the RBI’s KYC Directions. The release states the penalty is based on supervisory findings and does not pronounce on the validity of any customer transaction or agreement.
Action Snapshot
- Primary Impact
- Fine: Rs 2.70 L
- Entity Type
- NBFC
- Action Type
- Monetary penalty