Recorded RBI impact
Fine: Rs 3.10 L
Monetary penalty · Fresh imposition
Published by RBI
22 May 2026
Case Brief
The Reserve Bank of India imposed a monetary penalty on Mintifi Finserve Private Limited after a statutory inspection and subsequent show-cause proceedings. RBI found that the company had not uploaded KYC records of certain customers to the Central KYC Records Registry within the prescribed timeline, violating RBI directions on KYC. The penalty was imposed under the RBI Act, 1934, and RBI noted that the action was based on regulatory compliance deficiencies and did not pronounce on the validity of any transaction or agreement.
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 and show-cause process. The sustained charge was that Mintifi Finserve Private Limited did not upload KYC records of certain customers onto the Central KYC Records Registry within the prescribed timeline, constituting non-compliance with RBI directions on Know Your Customer (KYC).
Operating Impact
Mintifi Finserve Private Limited must bear the monetary penalty and remain compliant with RBI KYC directions going forward. The action has no stated operational restriction beyond the penalty, but it underscores the need to timely maintain and upload customer KYC records to the Central KYC Records Registry; RBI also reserved the right to initiate any other action if warranted.
Regulatory Basis
- section 58G(1)(b) read with section 58B(5)(aa) of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- Fine: Rs 3.10 L
- Order Date
- 15 May 2026
- Effective From
- 15 May 2026
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC