RBI Imposes ₹3.10 Lakh Penalty on CreditAccess Grameen for KYC Lapses
Moneylife Digital Team 01 June 2026
Reserve Bank of India (RBI) has imposed a penalty of ₹3.10 lakh on Karnataka-based CreditAccess Grameen Ltd, a non-banking financial company–microfinance institution (NBFC-MFI), for non-compliance with certain provisions of the RBI know-your-customer (KYC) directions.
 
During its statutory inspection, RBI observed that CreditAccess Grameen failed to put in place a robust software that throws alerts when transactions are inconsistent with risk categorisation and customers' updated profiles, as part of effective identification and reporting of suspicious transactions.
 
After considering the NBFC-MFI's reply and the oral submissions made during the personal hearing, RBI concluded that the non-compliance with its directions was substantiated and warranted the imposition of a monetary penalty.
 
RBI clarified that the penalty imposed on CreditAccess Grameen is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers.
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