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RBI slaps Rs 1 crore fine on Bajaj Finance for violating “Fair Practices Code”

Updated: Jan 16, 2019 07:52:51am
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Mumbai, Jan 16 (KNN) Bajaj Finance Limited, the non-banking financial company (NBFC) which is largely into financing SMEs, has been slapped a fine of Rs 1 crore by the Reserve Bank of India (RBI).

Bajaj Finance is into businesses such as consumer finance, SME finance and commercial lending.

The RBI, in a press release has said that it has imposed a monetary penalty of Rs 10.0 million on Bajaj Finance Ltd. (the NBFC) for violation of “Fair Practices Code”.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the NBFC with its customers, the RBI added. (KNN Bureau)

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