RBI imposes monetary penalty on Hero FinCorp Limited
The penalty has been imposed in exercise of powers conferred on RBI under the provisions of clause (b) of sub-section (1) of section 58G read with clause (aa) of sub-section (5) of section 58B of the Reserve Bank of India Act, 1934.
The Reserve Bank of India (RBI) has, by an order dated May 22, 2024, imposed a monetary penalty of Rs 3,10,000/- (Rupees Three Lakh Ten Thousand only) on Hero FinCorp Limited (the company) for non-compliance with certain provisions of the ‘Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 issued by RBI, relating to Fair Practices Code.
The penalty has been imposed in the exercise of powers conferred on RBI under the provisions of clause (b) of sub-section (1) of section 58G read with clause (aa) of sub-section (5) of section 58B of the Reserve Bank of India Act, 1934.
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The penalty is based on the supervisory findings of non-compliance with RBI directions and is related to correspondence in that regard where a notice was issued to the company advising it to show cause as to why a penalty should not be imposed on it for its failure to comply with the said directions.
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