IIFL Samasta hit with INR 33.1 lakh RBI penalty

IIFL Finance Limited has announced that its material subsidiary, IIFL Samasta Finance Limited, has been penalized by the Reserve Bank of India (RBI). The penalty, amounting to ₹33.10 lakh, was imposed due to non-compliance with certain provisions of the Non-Banking Financial Company - Systematically Important Non-Deposit Taking Company and Deposit Taking Companies (Reserve Bank) Directions, 2016 and Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016. The company stated in its communication that the action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by IIFL Samasta with its customers. IIFL Samasta has already taken corrective measures to align with RBI regulations, the company said. IIFL Finance has informed the BSE and NSE about this development.