Case Brief
By an order dated September 22, 2026, RBI imposed a monetary penalty of ₹10 lakh on Hero Fincorp Limited. The penalty followed a statutory inspection, a show-cause notice, and consideration of the company’s reply, additional submissions, and oral hearing. RBI sustained the charge that the company collected excess interest from certain loan accounts, violating directions on 'Fair Practices Code for Lenders – Charging of Interest' under the RBI Act, 1934.
Action Snapshot
- Primary Impact
- Fine: Rs 10.0 L
- Entity Type
- NBFC
- Action Type
- Monetary penalty
- Order Date