The order is dated Jan 3 and penalty has been imposed in the exercise of powers vested in RBI under relevant provisions of RBI Act.
Mumbai: The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 10 million on Bajaj Finance Limited for violation of Fair Practices Code.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the Non-Banking Financial Company (NBFC) Bajaj Finance Ltd. with its customers.
The order is dated January 3 and the penalty has been imposed in the exercise of powers vested in RBI under the relevant provisions of the RBI Act.