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RBI Cracks Down on 6 NBFCs with ₹60L in Penalties – A Compliance Wake-Up Call?

  • 04-Apr-2025
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The Reserve Bank of India (RBI) has imposed fines on six NBFCs for violating key regulatory norms under the RBI Act, 1934. These penalties, totaling over ₹60 lakh, highlight RBI’s tightening grip on governance and compliance.

Who Got Fined & Why?

📌 Saveri Transport Finance Ltd (Chennai) – ₹5L
▪ Charged higher interest rates than disclosed & lacked clarity on rate application.

📌 Poorvaja Fincap Pvt Ltd – ₹50K
▪ Redeemed subordinated loans early without RBI approval.

📌 Habitat Micro Build India Housing Co Pvt Ltd (Karnataka) – ₹50K
▪ Changed over 30% of its board without prior RBI consent.

📌 Phoenix ARC Pvt Ltd – ₹52.7L
▪ Settled borrower dues (₹1Cr+) without board approval.

📌 Mahindra Rural Housing Finance Ltd – ₹3.2L
▪ Skipped mandatory risk classification reviews in FY 2022-23.

📌 Mikhail Capitalize Pvt Ltd (Kerala) – ₹1L
▪ Altered 26%+ shareholding without RBI approval & failed to notify changes in independent directors.

What’s RBI’s Message?

🔹 These penalties target regulatory lapses, not customer transactions.
🔹 The objective: Strengthen compliance and ensure market stability.

Why It Matters:

Stricter Oversight – RBI is signaling zero tolerance for non-compliance.
Trust & Transparency – Poor governance impacts customer confidence.
Broader Impact – With increased scrutiny (e.g., J Swaminathan’s remarks on fair lending), compliance standards are rising.

Is your NBFC fully compliant? Stay ahead of regulations to avoid penalties and risks.

📞 Need expert compliance assistance? Contact us today! +91 93113 47006

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