The RBI imposes Rs 3.10 lakh on Mintifi Finserve Private Limited for failure to upload the KYC records of some customers to the Central KYC Records Registry within the stipulated time.
Saloni Kumari | May 23, 2026 |
RBI Penalises Mintifi Finserve Private Limited Over Failure to Upload KYC Records
The Reserve Bank of India (RBI) has levied a monetary penalty amounting to Rs 3.10 lakh on a company, namely Mintifi Finserve Private Limited, for not adhering to certain provisions of directions issued by it concerning ‘Know Your Customer (KYC)‘.
The key mistake of the company was that it did not upload the KYC records of some customers to the Central KYC Records Registry within the stipulated time.
The bank has confirmed the aforementioned against the company through an order dated May 12, 2026, in pursuance of its powers granted under section 58G(1)(b) read with section 58B(5)(aa) of the Reserve Bank of India Act, 1934.
Previously, the RBI had conducted a statutory inspection of the disputed company in accordance with its financial condition as of March 31, 2025. As a result of its findings, a show-cause notice (SCN) was issued to the company, asking it to disclose the reason why the proposed penalty amount should not be imposed on it.
Thereafter, the company furnished a detailed reply to the notice. However, the RBI did not consider the company’s reason relevant to the compliance committed by it and sustained the proposed Rs 3.10 lakh monetary penalty.
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