RBI imposes penalties on Mahindra Finance and Indian Bank for non-compliance with regulatory norms
On 6-4-2023, the Reserve Bank of India (‘RBI’) imposed monetary penalty of Rs. 6.77 crores on Mahindra & Mahindra Financial Services Ltd., Mumbai for non-compliance with the Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016
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