Mumbai (Maharashtra) [India], Jan 14 (ANI): The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 10 million on Bajaj Finance Limited 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 Non-Banking Financial Company (NBFC) Bajaj Finance Ltd. with its customers.

The order is dated January 3 and the penalty has been imposed in the exercise of powers vested in RBI under the relevant provisions of the RBI Act. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)