The Reserve Bank has imposed a penalty of `6.77 crore on Mahindra & Mahindra Financial Services Ltd, Mumbai, for non-compliance with norms related to disclosure of interest rates to borrowers at the time of sanction of loans, a release said on Thursday.
In another release, the RBI said a `55 lakh penalty has been imposed on Indian Bank for contravention of certain Know Your Customer (KYC)) norms.
A penalty of `10.50 lakh on Muthoot Money Limited, Ernakulam for non-compliance with certain provisions of the ‘Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016’, has also been imposed.
The RBI said the penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by them with
customers.