Recorded RBI impact
Fine: Rs 3.10 L
Monetary penalty · Fresh imposition
Published by RBI
29 May 2026
Case Brief
By an order dated May 25, 2026, RBI imposed a monetary penalty on CreditAccess Grameen Limited following a statutory inspection conducted with reference to its financial position as on March 31, 2025. RBI concluded that the company had not complied with certain provisions of the RBI (Know Your Customer (KYC)) Directions because it failed to put in place a robust software system to generate alerts when transactions were inconsistent with customers’ risk categorization and updated profiles, affecting suspicious transaction identification and reporting. The penalty was imposed under section 58G(1)(b) read with section 58B(5)(aa) of the RBI Act, 1934, after considering the company’s reply and oral submissions at the personal hearing.
Why RBI Acted
RBI imposed a monetary penalty under section 58G(1)(b) read with section 58B(5)(aa) of the RBI Act, 1934 after a statutory inspection found non-compliance with the RBI (Know Your Customer (KYC)) Directions. The sustained charge was that the company did not have a robust software mechanism to generate alerts for transactions inconsistent with risk categorization and updated customer profiles, impairing suspicious transaction identification and reporting.
Operating Impact
CreditAccess Grameen Limited must absorb the penalty and address the KYC/control weakness identified by RBI. The action does not itself impose a business restriction, but RBI noted it is without prejudice to any other action that may be initiated later.
Regulatory Basis
- section 58G(1)(b) read with section 58B(5)(aa) of the Reserve Bank of India Act, 1934
- Reserve Bank of India (Know Your Customer (KYC)) Directions
Action Facts
- Primary Impact
- Fine: Rs 3.10 L
- Order Date
- 25 May 2026
- Effective From
- 25 May 2026
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC