MUMBAI: The Reserve Bank of India has forced a punishment of Rs 1 crore on Bajaj Finance for lacks in administrative consistency.
As per RBI, the punishment has been forced, by a request on January 3, for infringement of ‘Reasonable Practices Code of Master Direction DNBR’.
“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 NBFC with its customers,” RBI said in a statement on Monday.