reserve Bank of India Said that it has imposed a fine of Rs 76.6 lakh on four non-banking financial companies (NBFCs). The penalty has been imposed on the platforms connecting lenders and those wishing to borrow. This fine has been imposed for not following some provisions of RBI’s instructions. Failesetts Technologies India has been fined Rs 40 lakh and Bridge Fintech Solutions and Bridge Fintech Solutions and Rang De D2P Financial Services for not complying with some provisions of ‘Non-Banking Financial Company-Peer-to-Pier Lending Platform (Reserve Bank) Instructions, 2017’.
Finance imposed on visionary financepier
The Reserve Bank said that a fine of Rs 16.6 lakh has been imposed on the Visanary Finance Pier. The central bank stated that in each case, the fine is based on deficiencies in regulatory compliance and is not aimed at the verdict on any transaction or validity of the agreement by institutions with its customers. The central bank informed about the fine through different releases.
These banks were also fined
The Reserve Bank of India had earlier fined Equitas Small Finance Bank and India Post Payments Bank for flaws in regulatory compliance. The RBI said in a statement that it imposed a fine of Rs 65 lakh on Equitas Small Finance Bank. At the same time, India Post Payments Bank Ltd. for not following some instructions on ‘Customer Service in Banks’. But imposed a fine of Rs 26.70 lakh. Apart from this, Aptus Finance India Private Ltd. for violation of some provisions of norms related to non-banking financial company. But a fine of Rs 3.10 lakh was also imposed.
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