Shriram City Union Finance Limited

RBI imposed a ₹5 lakh penalty on Shriram City Union Finance Limited, Chennai. The action was for non-compliance with RBI directions on gold jewellery ownership verification and fraud reporting.

The company must absorb the financial penalty and remain compliant with RBI’s NBFC directions going forward, especially on gold jewellery ownership verification and fraud reporting. No restriction on operations, lending, or customer activity was announced in this release.

• clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-section (5) of section 58B of the Reserve Bank of India Act, 1934

RBI imposed a ₹20 lakh penalty on Shriram City Union Finance Ltd. for violations found in sample loan-account scrutiny. The violations related to Fair Practices Code guidelines and RBI directions/orders.

The company must absorb the financial penalty and the adverse finding on compliance. No explicit operational restriction is imposed in this release, but the action signals RBI scrutiny of the company’s lending conduct and fair-practices compliance.

• section 58G(1)(b)
• sub-section 5(aa) of section 58B of the RBI Act, 1934
• section 45N of Reserve Bank of India Act, 1934

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