The Reserve Bank of India (RBI) imposed a $12,400 fine on HP Financial Services for non-compliance with regulations, notably KYC measures and lack of necessary IT committees.
In a notice, the RBI stated that HP failed to establish a robust risk assessment system or adequately disclose interest rates, leading to the imposition of the fine.
The fine, reflecting the RBI's strict regulatory stance, is notably less than the $27,500 imposed on SMFG for more severe cyber security violations.
RBI's recent actions indicate a heightened scrutiny on financial institutions, as it also fined Axis bank for its role as a technology service provider.
Collection
[
|
...
]