India, Aug. 10 -- The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 2.70 lakh on Namdev Finvest Limited, formerly known as Namdev Finvest Private Limited, for non-compliance with certain provisions of the RBI's Know Your Customer (KYC) Directions.
The penalty was imposed following a statutory inspection of the company based on its financial position as of March 31, 2025. After reviewing the company's response and submissions during a personal hearing, the RBI found that the company had failed to implement robust software for the effective identification and reporting of suspicious transactions.
The RBI clarified that the action relates to regulatory compliance deficiencies and does not question the validity of any trans...