RBI Fines Hero FinCorp Rs 3.1 Lakh For Violating Fair Practices Code

RBI Fines Hero FinCorp Rs 3.1 Lakh For Violating Fair Practices Code The RBI has announced on Friday that it has imposed a penalty of Rs 3.1 lakh on Hero FinCorp Limited for not complying with certain provisions of the fair practices code.The Reserve Bank clarified that the penalty is due to regulatory compliance issues and it does not affect any validity of transaction or agreement Hero FinCorp Limited has with its customers.The RBI conducted a statutory inspection of Hero FinCorp Limited based on its financial position as of March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the directions, [Read more]( If you would prefer not receiving our emails, please [Click Here](