India, Aug. 10 -- The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 5.40 lakh on Infinity Fincorp Solutions Private Limited for non-compliance with certain provisions of the RBI's KYC Directions and Fair Practice Code.
The penalty follows 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 two regulatory lapses.
The company failed to conduct periodic reviews of the risk categorisation of accounts at least once every six months. It also did not disclose in its application forms and sanction letters the methodology for risk grading and the rationale for charging different interest rates t...