The RBI has imposed a fine of ₹6.77 crores on Mahindra & Mahindra Financial Services Ltd, Mumbai, for not disclosing interest rates to borrowers when sanctioning loans, a release from the central bank said on Thursday.
In another release, the RBI said a 55 lakh penalty had been imposed on Indian Bank for contravention of certain Know Your Customer (KYC)) norms. A penalty of 10.50 lakh on Muthoot Money Limited, Ernakulam, for non-compliance with certain provisions of the ‘Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016’ has also been imposed.
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