RBI said on Monday that it has imposed a fine of Rs 28.30 lakh on SG Finserv Ltd. The company is accused of not complying with certain conditions related to the Certificate of Registration, due to which it has been fined.
The Reserve Bank of India has taken a big action against some banks and a Finserv company. They have been fined heavily by the central bank. RBI said on Monday that it has imposed a fine of Rs 28.30 lakh on SG Finserv Ltd. The company is accused of not complying with certain conditions related to the Certificate of Registration, due to which it has been fined.
Let us tell you that SG Finserv was earlier known as Mungipa Securities. The company’s financial statements for the financial year 2022-23 revealed, among other things, non-compliance with the specific conditions related to the Certificate of Registration (COR). The Reserve Bank of India said in a statement that SG Finserv Company took money from people and gave loans in violation of the specific conditions of the COR issued.
Arunachal Pradesh Gramin Bank fined Rs 14 lakh
Apart from SG Finserv, the Reserve Bank has also imposed a fine on 4 cooperative banks. One of these, Arunachal Pradesh Gramin Bank, has been fined Rs 14 lakh by the Reserve Bank of India. The company has been fined for not following certain instructions on strengthening prudential norms and ‘Know Your Customer’ (KYC).
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These 3 banks were also fined
Apart from this, three other cooperative banks have been fined for violating certain norms. These banks are District Cooperative Central Bank Limited, Bhind, Madhya Pradesh, The Urban Co-operative Bank Ltd., Dharangaon, Maharashtra and Sri Kalahasti Co-operative Town Bank Ltd., Andhra Pradesh. The Reserve Bank said that the fine is based on deficiencies in regulatory compliance and is not intended to decide on the validity of any transaction or agreement made by the entities with their customers.
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