{"id":288804,"date":"2023-04-07T18:30:08","date_gmt":"2023-04-07T13:00:08","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=288804"},"modified":"2023-04-07T17:24:11","modified_gmt":"2023-04-07T11:54:11","slug":"rbi-imposed-monetary-penalty-on-mahindra-mahindra-financial-services-ltd-for-non-compliance-with-non-banking-financial-company-systemically-important-non-deposit-taking-company-and-deposit-tak","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/04\/07\/rbi-imposed-monetary-penalty-on-mahindra-mahindra-financial-services-ltd-for-non-compliance-with-non-banking-financial-company-systemically-important-non-deposit-taking-company-and-deposit-tak\/","title":{"rendered":"RBI imposes monetary penalty of Rs. 6.77 crores on Mahindra &amp; Mahindra Financial Services Ltd."},"content":{"rendered":"<p><script type=\"text\/javascript\">\n\u00a0\u00a0\u00a0 document.title = 'Reserve Bank of India imposes penalty on Mahindra Finance | SCC Blog'\n\u00a0\u00a0\u00a0 document.querySelector('meta[name=\"description\"]').setAttribute(\"content\", \"RBI imposed penalty on Mahindra Finance of Rs. 6.77 crores for non-compliance with Master Direction - Non-Banking Financial Company, 2022.\");\n<\/script><\/p>\n<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">On 6-4-2023, the Reserve Bank of India (&#8216;RBI&#8217;) imposed monetary penalty of Rs. 6.77 crores on Mahindra &amp; Mahindra Financial Services Ltd., Mumbai for non-compliance with the Non-Banking Financial Company &#8211; Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016.<\/p>\n<p><b>Background:<\/b><\/p>\n<p style=\"margin-bottom: 3%;\">RBI conducted a statutory inspection of the company with respect to its financial position on 31-3-2019 and 31-3-2020. After the examination of the Risk Assessment Report, Inspection Reports and all related correspondence pertaining to the same revealed, inter-alia, non-compliance by the company.<\/p>\n<p><b>Non-Compliance:<\/b><\/p>\n<p style=\"margin-bottom: 3%;\">The Company did not comply with the RBI directions on fair practices relating to disclosure of annualized rate of interest charged on loans to the borrowers at the time of sanction.<\/p>\n<p style=\"margin-bottom: 3%;\">The Company also failed to give notice of changes in terms and conditions of loan to its borrowers, when it charged a higher rate of interest than what was communicated at the time of sanction.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>On 6-4-2023, the Reserve Bank of India (&#8216;RBI&#8217;) imposed monetary penalty of Rs. 6.77 crores on Mahindra &amp; Mahindra Financial Services Ltd., <\/p>\n","protected":false},"author":67515,"featured_media":284767,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[56610,56609,30681,2611],"class_list":["post-288804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-fair-practices","tag-mahindra-mahindra-financial-services-ltd","tag-non-compliance","tag-RBI"],"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>RBI imposes monetary penalty of Rs. 6.77 crores on Mahindra &amp; Mahindra Financial Services Ltd. | SCC Times<\/title>\n<meta name=\"description\" content=\"On 6-4-2023, the Reserve Bank of India (\u2018RBI\u2019) imposed monetary penalty of Rs. 6.77 crores on Mahindra &amp; Mahindra Financial Services Ltd.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2023\/04\/07\/rbi-imposed-monetary-penalty-on-mahindra-mahindra-financial-services-ltd-for-non-compliance-with-non-banking-financial-company-systemically-important-non-deposit-taking-company-and-deposit-tak\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBI imposes monetary penalty of Rs. 6.77 crores on Mahindra &amp; Mahindra Financial Services Ltd.\" \/>\n<meta property=\"og:description\" content=\"On 6-4-2023, the Reserve Bank of India (\u2018RBI\u2019) imposed monetary penalty of Rs. 6.77 crores on Mahindra &amp; 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As per the Statutory Inspection for Supervisory Evaluation(\u2018ISE') conducted by\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":225081,"url":"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\/","url_meta":{"origin":288804,"position":1},"title":"Penalty on &#8212; Fortune Integrated Assets Finance Ltd. for non-compliance of&#8211; Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016","author":"Bhumika Indulia","date":"February 3, 2020","format":false,"excerpt":"The 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. The penalty has been\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"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":288804,"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":270113,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/14\/rbi-imposes-penalty-of-more-than-rs-1-crore-on-ola-financial-services-private-ltd-for-non-compliance-with-master-direction-on-prepaid-payment-instruments-2021-and-know-your-customer-2016\/","url_meta":{"origin":288804,"position":3},"title":"RBI imposes penalty of more than Rs. 1 crore on Ola Financial Services Private Ltd. for non-compliance with Master Direction on Prepaid Payment Instruments, 2021 and Know Your Customer, 2016","author":"Editor","date":"July 14, 2022","format":false,"excerpt":"On 12-07-2022, the Reserve Bank of India (\u2018RBI') imposed a penalty of Rs 1 crore and 67.80 lakh on Ola Financial Services Private Ltd (\u2018Ola') for not complying with certain provisions of Master Direction on Prepaid Payment Instruments (\u2018PPI') dated 27-08-2021 and Master Direction Know Your Customer (\u2018KYC') Direction dated\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"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":288804,"position":4},"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. The penalty has been imposed\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":216932,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/16\/reserve-bank-of-india-imposes-monetary-penalty-of-rs-7-crore-on-state-bank-of-india\/","url_meta":{"origin":288804,"position":5},"title":"Reserve Bank of India imposes monetary penalty of Rs 7 crore on State Bank of India","author":"Bhumika Indulia","date":"July 16, 2019","format":false,"excerpt":"Press Release The Reserve Bank of India (RBI) has imposed, by an order dated 15-07-2019, monetary penalty of 70 million on State Bank of India (the bank) for 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":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/288804","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67515"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=288804"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/288804\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/284767"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=288804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=288804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=288804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}