RBI fines Rs 8.50 lakh penalty on Bajaj Finance

On October 13, the Reserve Bank of India (RBI) announced that it had fined Bajaj Finance Rs 8.50 lakh for breaking the rules.

According to a press release, the corporation did not follow RBI instructions to the extent of failing to report certain frauds to RBI or doing so slowly.

Consequently, a notice was sent to the company instructing it to provide justification for why no penalty should be applied for its failure to follow the instructions set forth in the notice, according to the statement.

According to the release, RBI determined that the charge of non-compliance with the aforementioned RBI directions was substantiated and warranted imposition of a monetary penalty, to the extent of such non-compliance with such directions, after taking into account the company's response to the notice, additional submissions made by it, and oral submissions made during the Personal Hearing.