RBI imposes penalty of Rs. 10.4 lakhs on HP Financial Services
HP Financial Services failed to form an IT Strategy Committee and an IT Steering Committee.
Reserve Bank of India has imposed a penalty of Rs. 10,40,000/- on Hewlett Packard Financial Services (India) Pvt. Ltd. (‘HP Financial Services’) for non-compliance with certain provisions of the ‘RBI Know Your Customer (KYC) Directions, 2016’, ‘Non-Banking Financial Company — Systematically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016’ and Master Directions for ‘Information Technology Framework for the NBFC Sector’ issued by RBI.
After considering its reply, RBI found that the following charges against HP Financial Services were sustained-
Read Also : NBCC shares rises over 6% after PSU trades ex-bonus
HP Financial Services failed to put in place a periodic review of risk categorization of accounts, and failed to disclose and explicitly communicate the rate of interest, the approach for gradations of risk and the rationale for charging different rates of interest from different categories of borrowers in the loan application form and the sanction letter;
HP Financial Services failed to form an IT Strategy Committee and an IT Steering Committee.
Read Also : IEX Power Market UpdateNews Must Read
- NTPC Bongaigaon Employee shines at Kavi Sammelan at IOCL Refinery
- MRPL Awarded for Corporate Environment Excellence
- S. Jaishankar to Attend SCO Summit in Pakistan, first Visit by an Indian Foreign Minister
- GAIL and AM Green sign MoU for jointly developing renewable energy up to 2.5 GW
- Garden Reach Shipbuilders receives LoA from Government of West Bengal
- Bank of Baroda Q2 business update: Domestic deposits up by 7%, global business expands 10.23%
- NTPC Unchahar Head of Project Conquers Everest Base Camp
- PM Narendra Modi inaugurates GAIL’s CBG Plant in Ranchi
- SBI to add 600 branches in its network during FY25: Chairman C S Setty
- Power Grid signs SHA with RVPN to form JV in Rajasthan