India, Nov. 20 -- The Reserve Bank of India (RBI) has, by an order dated November 13, 2025, imposed a monetary penalty of ?4.00 lakh (Rupees Four Lakh only) on Glowmore Finance Private Limited, Odisha (the company) for non-compliance with certain provisions of the 'Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023' issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under 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 correspondence between RBI and the company relating to appointment of a director in the company revealed non-compliance ...