RBI Penalises Mintifi Finserve Private Limited Over Failure to Upload KYC Records:

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.

Also Read

GST Refunds Not Taxable Under Exclusive Accounting Method: ITAT Quashes Rs 223.40 Crore Tax Demand

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.

Also Read

Govt Authorises Regional Labour Commissioners to Compound Offences Under Social Security Rules, 2026

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.