PRATEEK MAURYA | May 11, 2024 |
RBI Slaps Penalty on Sundaram Home Finance and Belstar Microfinance for Breaking Rules
The Reserve Bank of India (RBI) slaps fines on Sundaram Home Finance and Belstar Microfinance for Breaking rules at May 10, 2024. The RBI monetary fines are Rs 1.50 lakh on Sundaram Home Finance and 3.10 lakh on Belstar Microfinance, in said release.
Whereas the main reason is failure to comply with specific provisions of the Know Your Customer (KYC) directive, 2016.
Specific violation for Breaking Rules given by RBI, in said release. On Sundaram Home Finance didn’t conduct periodic updates of KYC for some customers’ within the required time frame.
Further, Belstar Microfinance outsourced decision making functions related to KYC compliance to certain agents.
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