Top News

Reserve Bank of India action (RBI action) is being seen continuously in May. Now RBI has taken strict action against AKG Infine Private Limited (Company) for non-compliance of instructions properly. A fine of Rs 1.80 lakh was imposed. Information about this action was given by the Central Bank on its official website on May 21. But it is given.

The order to the penalty was issued to the bank on May 18. This step has been taken under various provisions of the RBI Act 1934. When RBI found that the guidelines were not followed, it issued a notice to the company on this basis and sought clarification. The RBI took the decision to impose the penalty after considering the replies received on the notice and the oral arguments given during the personal hearing.

The company broke these rules

This company made changes in share holding of more than 26% of its paid up equity capital. The company took this step without written permission from RBI. In such a situation, there was a violation of the instructions issued by the Central Bank on “Tripty of Share Holding or Control”. If the allegations were proved true, the decision to impose penalty was taken.

Customers will not be affected

This action will not affect customers. This has been confirmed by RBI itself. The Central Bank said, “This action is based on the deficiencies observed in regulatory compliance. It is not intended to affect the validity of any transaction or agreement entered into by the company with its customers. Nor will it have any adverse effect on any future RBI action against the company.”

See RBI notification here