The RBI on Friday imposed a penalty of Rs 5 lakh each on Daimler Financial Services India and KKR India Financial Services for non-compliance with directions related to 'monitoring of frauds in NBFCs'.

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The central bank said it conducted a statutory inspection of the two companies with reference to their financial position as of March 31, 2020.

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The penalties were imposed after considering their replies to its notices, oral submissions made in the personal hearing and examination of additional submissions made by them.

The RBI, however, added that the penalties are based on the deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by them with their customers.

First Published:May 6, 2022 9:35 PM IST