India, June 15 -- The Reserve Bank of India has imposed a monetary penalty of Rs 3.90 lakh on IIFL Samasta Finance Limited for non-compliance with provisions related to Know Your Customer (KYC) norms and fraud risk management guidelines applicable to non-banking financial companies (NBFCs).
The penalty was levied through an order dated June 5, 2026, under the powers vested in the central bank by the Reserve Bank of India Act, 1934.
The action follows a statutory inspection conducted by the RBI with reference to the company's financial position as of March 31, 2025. Based on supervisory findings and subsequent correspondence, the regulator issued a show-cause notice seeking an explanation from the company regarding the identified complianc...