Bank
RBI imposes monetary penalty on SG Finserve limited
The penalty has been imposed in exercise of powers conferred on RBI under the provisions of clause (a) of sub-section (1) of Section 58G read with sub-section (6) of Section 58 B of the RBI Act.
RBI imposes monetary penalty on SG Finserve limited
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New Delhi: On October 1, 2024, the Reserve Bank of India (RBI) imposed a monetary penalty of Rs 28.30 lakh on SG Finserve Limited (formerly known as M/s Moongipa Securities Limited). This penalty was imposed due to non-compliance with specific conditions under which the company was issued the Certificate of Registration (CoR) by RBI under section 45IA(5) of the Reserve Bank of India Act, 1934 (RBI Act).
The penalty has been imposed in the exercise of powers conferred on RBI under the provisions of clause (a) of sub-section (1) of Section 58G read with sub-section (6) of Section 58 B of the RBI Act.