RBI imposes Rs 1-cr penalty on Bajaj Finance, says action for violating fair practices code

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the NBFC with its customers, the RBI said.

|Jan 15, 2019, 14:25:26 IST

Mumbai: The Reserve Bank of India (RBI) on Monday said it has imposed a penalty of Rs 1 crore on Bajaj Finance Ltd, a non-banking financial company (NBFC), for violating "fair practices code".This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the NBFC with its customers, the RBI added.Bajaj Finance is into businesses such as consumer finance, SME finance and commercial lending. To keep watching India’s No. 1 English Business News Channel – CNBC-TV18, call your Cable or DTH Operator and ask for the Colors Family Pack (inclusive of 24 channels), available for Rs. 35/- per month, or subscribe to the channel for Rs. 4/- per day. To keep watching the Leader in Global Market & Business News – CNBC-TV18 Prime HD, call your Cable or DTH Operator and ask for the Colors Family HD Pack (inclusive of 25 channels), available for Rs. 50/- per month, or subscribe to the channel for Rs. 1/- per day.

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