RegAlertEnforcement · RBI · 12 Jun 2026
RBI imposes monetary penalty on IIFL Samasta Finance Limited
The Reserve Bank of India imposes a monetary penalty of ₹3.90 lakh on IIFL Samasta Finance Limited for non-compliance with the Reserve Bank of India (Know Your Customer (KYC)) Directions and the Reserve Bank of India (Fraud Risk Management in NBFCs) Directions. The penalty is based on supervisory findings that the company failed to implement robust software for identifying and reporting suspicious transactions and failed to disclose correct fraud details for the financial year 2024-25. This action is taken under section 58G(1)(b) read with section 58B(5)(aa) of the Reserve Bank of India Act, 1934, following a statutory inspection of the company's financial position as of March 31, 2025.
Search the Website
( 201 kb ) Date : Jun 12, 2026 RBI imposes monetary penalty on IIFL Samasta Finance Limited
The Reserve Bank of India (RBI) has, by an order dated June 5, 2026, imposed a monetary penalty of ₹3.90 lakh (Rupees Three Lakh Ninety Thousand only) on IIFL Samasta Finance Limited (the company) for non-compliance with certain provisions of ‘Reserve Bank of India (Know Your Customer (KYC)) Directions’ and ‘Reserve Bank of India (Fraud Risk Management in NBFCs) Directions’. This penalty has been imposed in exercise of powers conferred on RBI under section 58G(1)(b) read with section 58B(5)(aa) of the Reserve Bank of India Act, 1934.
The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2025. Based on the 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 as to why penalty should not be imposed on it for failure to comply with the said directions.
After considering the company's reply to the notice and oral submissions made during the personal hearing, RBI found that the following charges against the company were sustained, warranting imposition of monetary penalty:
The company failed to put in place a robust software for effective identification and reporting of suspicious transactions; and,
The company failed to disclose correct details of frauds reported for the financial year 2024-25 in the Financial Statement - Notes to Accounts.
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 company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.
(Brij Raj)
Chief General Manager
Press Release: 2026-2027/444
2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 Archives
Top
Back to previous page
Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.
Lineage
The documents this one cites, and the documents that cite it.
The links and the sentences they come from (1)
- Issued under
- Reserve Bank of India Act, 1934Not in RegAlert
“This penalty has been imposed in exercise of powers conferred on RBI under section 58G(1)(b) read with section 58B(5)(aa) of the Reserve Bank of India Act, 1934.”
Similar documents from other regulators
FINCENAssessment of Civil Money Penalty Against Pamrapo Savings Bank, S.L.A.US Federal · 2010-06-03
More like this from RBI
RBI published 28 documents in the last 30 days. We email you each new one the day it's published.
Source: Reserve Bank of India — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
In RegAlert: added · updated