MUMBAI, India, April 25 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBI) has, by an order dated April 21, 2025, imposed a monetary penalty of ₹71.30 lakh (Rupees Seventy One Lakh Thirty Thousand only) on Mahindra & Mahindra Financial Services 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' and 'Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016' 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-secti...