India, Sept. 24 -- The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 10 lakh on Hero Fincorp Limited for non-compliance with certain provisions of its directions on the Fair Practices Code for Lenders – Charging of Interest.
The penalty was imposed through an order dated September 22, 2026, following a statutory inspection of the company based on its financial position as of March 31, 2025.
RBI found that Hero Fincorp had collected excess interest from certain loan accounts, which constituted non-compliance with the central bank's directions.
The penalty followed consideration of the company's response to the show-cause notice, additional submissions and oral representations made during a personal hearing.
RBI c...