Mumbai: Reserve Bank of India has imposed a ₹33 lakh penalty on micro finance company IIFL Samasta Finance for non-compliance with RBI directions on loan period, non- classification of certain loan accounts as NPA despite being 90 days or more overdue, and alloting multiple customer identification codes to certain individual customers.
Separately, the central bank has also penalised HSBC ₹67 lakh for non-compliance with certain directions for outsourcing closure of AML alerts to a group company, non-reporting of unhedged foreign currency exposures of certain borrowers to credit information companies and opening savings deposit accounts in the name of certain ineligible entities. – Our Bureau
