New Delhi, Feb. 14 -- The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 5.80 lakh on Shriram Finance Limited for non-compliance with certain provisions of the RBI's 'KYC Directions, 2016', 'Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company Directions, 2016' and directions on 'Data Format for Furnishing of Credit Information to Credit Information Companies' issued by RBI.
The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause a...