IIFL Samasta Finance Limited

RBI imposed a ₹3.90 lakh penalty on IIFL Samasta Finance Limited for compliance lapses under KYC and fraud risk management directions.

IIFL Samasta Finance Limited must absorb the monetary penalty and address the compliance gaps identified by RBI. The findings indicate continued supervisory scrutiny over its KYC/suspicious transaction reporting and fraud disclosure controls, and RBI noted that further action may still be initiated separately. No direct restrictions on business operations are stated in this release.

• 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
• Reserve Bank of India (Fraud Risk Management in NBFCs) Directions

RBI imposed a ₹33.10 lakh penalty on IIFL Samasta Finance Limited for regulatory non-compliance. The lapses related to fair practices, NPA classification, and KYC/UCIC requirements.

The company must absorb the monetary penalty and remain exposed to any further supervisory or enforcement action RBI may choose to initiate. The order does not itself alter ongoing business operations, but it highlights compliance deficiencies that could attract additional scrutiny in future. Borrowers and customers are indirectly affected through the underlying fair-practices and KYC lapses identified by RBI.

• Section 58G(1)(b) of the Reserve Bank of India Act, 1934
• Section 58B(5)(aa) of the Reserve Bank of India Act, 1934
• Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016

+1 more in the case brief