The Reserve Bank of India (RBI) has imposed a penalty of Rs 6.70 lakh on Ujjivan Small Finance Bank for non-compliance with certain directions issued by RBI on 'Loans and Advances - Statutory and Other Restrictions'.
The penalty is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the lender with their customers.
Ujjivan Small Finance Bank (Ujjivan SFB) offers small finance to underserved & unserved segments in India. The bank aims to work for the financial inclusion of the country.
