MUMBAI, India, March 27 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBI) has, by an order dated March 25, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Mikhael Capitalize Pvt. Ltd., Kerala (the company) for non-compliance with certain provisions of 'Master Direction - Non-Banking Financial Company - Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016' read with 'Master Direction- 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 Section 58G(1)(b) read with Section 58B(5)(aa) of the Reserve Bank...