Regulatory Alerts2026-08-21
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RBI imposes monetary penalty on Progfin Private Limited
The Reserve Bank of India imposed a monetary penalty of ₹2.70 lakh on Progfin Private Limited for failing to implement a system for periodic review of risk categorization of accounts at least once every six months. This penalty was issued under section 58(G)(1)(b) read with section 58(B)(5)(aa) of the Reserve Bank of India Act, 1934, following a statutory inspection and supervisory findings of non-compliance with the Know Your Customer (KYC) Directions. The action addresses regulatory compliance deficiencies and does not pronounce on the validity of transactions with customers.
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