Regulatory Alerts2026-06-12
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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.
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