India, March 28 -- The Reserve Bank of India (RBI) has, by an order dated March 26, 2025, imposed a monetary penalty of Rs. 5.00 lakh (Rupees Five lakh only) on Savery Transport Finance Ltd., Chennai, Tamil Nadu (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 the provisions of Section 58 G(1)(b) read with Section 58B(5)(aa) of the Reserve Bank of India Act, 1934.The correspondence related to charging higher interest rate than the annualised interest rate mentioned in the loan agreement revealed, inter alia, non-compliance ...