RBI penalised Delhi Based Bahadur Chand Investments; Check Here Why?:

RBI penalised Delhi Based Bahadur Chand Investments; Check Here Why? The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs.30 lakh on Bahadur Chand Investments Private Limited, New Delhi for non-compliance with certain provisions. The company failed to comply with the RBI's outsourcing directives and to appoint an independent Director, Chief Information Officer, and Chief Technology Officer (CTO) to the IT Strategy Committee, according to the RBI. The RBI also stated that there were violations related to disclosing components of adjusted net worth and other related information in its annual financial statements for the financial year ending March 31, 2021. A notice was issued to the company as a result of this. After considering the company's response, the RBI concluded that the charge of non-compliance with the aforementioned RBI directions was substantiated and warranted the imposition of a monetary penalty, according to the RBI. The RBI stated that this action is based on regulatory compliance deficiencies and is not intended to rule on the validity of any transaction or agreement entered into by the company with its customers. To Read Official Release Download PDF Given Below: