Latest News | RBI Imposes Rs 30 Lakh Penalty on Bahadur Chand Investments Pvt Ltd

Mumbai, Jan 13 (PTI) The Reserve Bank of India on Friday imposed a penalty of Rs 30 lakh on New Delhi-based Bahadur Chand Investments Private Limited for its failure comply with various directions, including on outsourcing.

The penalty, it said, has been imposed for non-compliance with certain provisions of the "Core Investment Companies (Reserve Bank) Directions, 2016" and directions on "Information Technology Framework for the NBFC Sector".

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The Reserve Bank said the company failed to appoint an Independent Director/Chief Information Officer (CIO)/Chief Technology Officer (CTO) on IT Strategy Committee and disclose components of Adjusted Net Worth (ANW) and other related information in its annual financial statements for the position as on March 31, 2021.

However, the central bank added that the penalty is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers.

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(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)