MUMBAI, India, March 26 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBI) has, by an order dated March 24, 2025, imposed a monetary penalty of ₹10 lakh (Rupees Ten Lakh only) on KLM Axiva Finvest Limited (the company) for non-compliance with requirements relating to 'Declaration of dividends' contained in the RBI directions on 'Reserve Bank of India (Non-Banking Financial Company - Scale Based Regulation) Directions, 2023'. This 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 correspondence pertaining to the ...