RBI imposes Monetary Penalty of Rs.10.54 Lakh on Berar Finance for Non-compliance

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs.10.54 lakh on Berar Finance Limited, Nagpur (the company), for non-compliance with certain provisions of the Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016.

This penalty has been imposed in the exercise of powers conferred on 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 58 B of the Reserve Bank of India Act, 1934.

This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers.