{"id":225081,"date":"2020-02-03T14:00:32","date_gmt":"2020-02-03T08:30:32","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=225081"},"modified":"2020-02-03T11:45:33","modified_gmt":"2020-02-03T06:15:33","slug":"penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/03\/penalty-imposed-on-fortune-integrated-assets-finance-ltd-for-non-compliance-of-monitoring-of-frauds-in-nbfcs-reserve-bank-directions-2016\/","title":{"rendered":"Penalty on &#8212; Fortune Integrated Assets Finance Ltd. for non-compliance of&#8211; Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016"},"content":{"rendered":"<p style=\"text-align: justify;\">The <span style=\"color: #ff0000;\">Reserve Bank of India (RBI) has imposed, by an order dated January 31, 2020, a monetary penalty of Rs 2 lakh on Fortune Integrated Assets Finance Ltd., Mumbai, for non-compliance with directions issued by RBI on \u2018Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016\u2019<\/span>.<\/p>\n<p style=\"text-align: justify;\">The penalty has been imposed in exercise of powers vested in RBI under the provisions of clause (b) of sub-section (1) of Section 58 G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934, taking into account the failure of the company to adhere to the aforesaid directions issued by RBI. This action is based on <strong>deficiencies in regulatory compliance<\/strong> and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers.<\/p>\n<p class=\"head\" style=\"text-align: justify;\"><strong>Background<\/strong><\/p>\n<p style=\"text-align: justify;\">The statutory inspection of the company, conducted by RBI, with reference to its financial position as on March 31, 2018, had observed, inter alia, non-compliance with RBI directions on \u2018Non-Banking Financial Companies &#8211; Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016\u2019, \u2018Non-Banking Financial Companies \u2013 Corporate Governance (Reserve Bank) Directions, 2015\u2019 and \u2018Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016\u2019. In furtherance to the same, a notice was issued to the company advising it to show cause as to why penalty should not be imposed for failure to comply with the directions issued by RBI. After considering the company\u2019s reply to the notice, oral submissions made during the personal hearing and examination of additional submissions, RBI concluded that the aforesaid charges of non-compliance with RBI directions on \u2018Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016\u2019 warranted imposition of monetary penalty.<\/p>\n<hr \/>\n<p><strong>Reserve Bank of India<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Press Release dt. 31-01-2020]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank of India (RBI) has imposed, by an order dated January 31, 2020, a monetary penalty of Rs 2 lakh <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[39456,39455,34616,2611,39371],"class_list":["post-225081","post","type-post","status-publish","format-standard","hentry","category-hot_off_the_press","category-news","tag-deficiency-in-regulatory-compliance","tag-fortune-integrated-assets-finance-ltd","tag-monetary-penalty","tag-RBI","tag-statutory-inspection"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Penalty on -- Fortune Integrated Assets Finance Ltd. for non-compliance of-- Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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non-compliance with the directions issued by RBI on (i) Income Recognition and Asset Classification (IRAC) norms (ii) code of conduct for opening\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":221562,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/10\/30\/rbi-imposes-monetary-penalty-on-bandhan-bank-janata-sahakari-bank-ltd-and-jalgaon-peoples-co-operative-bank-ltd\/","url_meta":{"origin":225081,"position":2},"title":"RBI imposes monetary penalty on Bandhan Bank, Janata Sahakari Bank Ltd. and Jalgaon Peoples Co-operative Bank Ltd.","author":"Bhumika Indulia","date":"October 30, 2019","format":false,"excerpt":"Bandhan Bank Limited he Reserve Bank of India (RBI) has, by an order dated October 29, 2019, imposed a monetary penalty of Rs One crore on Bandhan Bank Limited (the bank) for non-compliance with the guidelines on promoter holding contained in \u2018Guidelines for Licensing of New Banks in Private Sector\u2019\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":224658,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/28\/rbi-imposes-monetary-penalty-on-jaiprakash-narayan-nagari-sahakari-bank-ltd\/","url_meta":{"origin":225081,"position":3},"title":"RBI imposes monetary penalty on Jaiprakash Narayan Nagari Sahakari Bank Ltd.","author":"Bhumika Indulia","date":"January 28, 2020","format":false,"excerpt":"The Reserve Bank of India (RBI) has, by order dated January 22, 2020, imposed a monetary penalty of Rs 1.00 lakh on -- Jaiprakash Narayan Nagari Sahakari Bank Ltd., Basmatnagar, Dist Hingoli (the bank) for non-compliance with directions issued by RBI on director related loans. 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