The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 20 lakh on Religare Finvest, the NBFC arm of listed holding firm Religare Enterprises, for the failure to comply with the directions/orders issued by RBI from time to time.
An inspection of the company was conducted under section 45N of the RBI Act, 1934 during September-October 2015. During the inspection, it was observed that the company has failed to comply with various directions/orders issued by RBI inter alia in respect of an assignment transaction.
Religare Enterprises is one of India’s leading diversified financial services groups. It offers an integrated suite of financial services including asset management, life and health insurance, lending, broking, investment banking, and wealth management.
