India, June 15 -- The Reserve Bank of India has imposed a monetary penalty of Rs 3.10 lakh on True Credits Private Limited for non-compliance with certain provisions of the RBI's Know Your Customer (KYC) guidelines.
The penalty was imposed through an order dated June 5, 2026, under the provisions of the Reserve Bank of India Act, 1934.
The regulatory action follows a statutory inspection of the company conducted with reference to its financial position as of March 31, 2025. Based on supervisory findings and related correspondence, the RBI issued a show-cause notice asking the company to explain why a penalty should not be levied for the identified compliance lapses.
After examining the company's written response and oral submissions made...