MUMBAI, India, June 19 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBI) has, by an order dated June 18, 2026, imposed a monetary penalty of ₹6.20 lakh (Rupees Six Lakh Twenty Thousand only) on Five Star Business Finance Limited (the company) for non-compliance with certain provisions of 'Reserve Bank of India (Know Your Customer (KYC)) Directions' and the directions issued by RBI on 'Fair Practice Code'. This penalty has been imposed in exercise of powers conferred on RBI under Section 58G(1)(b) read with Section 58B(5)(aa) of the Reserve Bank of India Act, 1934.
The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2025. Base...