Latest News | RBI Imposes Penalty on Daimler Financial Services India, KKR India Financial Services

Mumbai, May 6 (PTI) The RBI on Friday imposed a penalty of Rs 5 lakh each on Daimler Financial Services India and KKR India Financial Services for non-compliance with directions related to 'monitoring of frauds in NBFCs'.

The central bank said it conducted statutory inspection of the two companies with reference to their financial position as on March 31, 2020.

Also Read | Thane Shocker: Man Abuses, Bites On-Duty Cop in Naupada; Arrested.

The penalties were imposed after considering their replies to its notices, oral submissions made in the personal hearing and examination of additional submissions made by them.

The RBI, however, added that the penalties are based on the deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by them with their customers.

Also Read | Palghar Administration Issues Monsoon Advisory for Farmers; Rains Expected in Mumbai on May 19-20.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)