Regulatory Alerts2026-06-12
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RBI imposes monetary penalty on True Credits Private Limited
The Reserve Bank of India imposed a monetary penalty of ₹3.10 lakh on True Credits Private Limited for failing to undertake Enhanced Due Diligence measures for certain customers onboarded through non-face-to-face modes. This penalty was issued following a statutory inspection of the company's financial position as of March 31, 2025, and subsequent supervisory findings regarding non-compliance with the Reserve Bank of India (Know Your Customer (KYC)) Directions. The action was taken under section 58G(1)(b) read with section 58B(5)(aa) of the Reserve Bank of India Act, 1934, after considering the company's reply and oral submissions during a personal hearing.
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