RBI Imposes Fine Of Rs 2.5 Crore On Bajaj Finance

RBI imposes a fine of Rs 2.5 crore on Bajaj Finance. Reserve Bank of India (RBI) imposes a fine of Rs 2.5 crores on Pune-based Bajaj Finance Ltd. 

The fine has been imposed for violation of various guidelines including recovery and collection activities. The central bank said in a release that the directive to fully implement the Fair Practices Code (FPC) has also been violated.

According to the statement, “The company failed to ensure that its debt collection agents would not act as a scare and bully customer during debt collection, due to which the company has been fined.”

There were repeated complaints about the methods of collection and collection to be adopted.

It is noteworthy that the Reserve Bank of India (RBI) has imposed a fine of seven lakh rupees on two cooperative banks.

Of this, a fine of five lakh rupees has been imposed on commercial cooperative bank Maryadit for violation of KYC (Know Your Customer) and other rules.

Maharashtra Nagari Cooperative Bank Maryadit, Latur has been fined Rs 2 lakh. In a statement, the Reserve Bank said that Raipur-based commercial cooperative bank Maryadit has been fined Rs 5 lakh.

This penalty has been imposed for setting up ATMs in the bank premises (on-site ATMs) and violating KYC instructions.

In another release, the Reserve Bank of India (RBI) said that the fine has been imposed on Maharashtra Nagari Cooperative Bank Maryadit for violating instructions given about KYC.

On the other hand, a petition has been filed in the Supreme Court against the Governor of the Reserve Bank of India Shaktikanta Das and the officials of the State Bank of India for initiating contempt of court proceedings.

In the petition, these people have been accused of disobeying the order of September 3, 2020, of the Supreme Court in the Lone Moratorium case.