RBI Imposes Rs21.55 Lakh Penalty on Dhani Loans and Nido Home Finance
Moneylife Digital Team 18 September 2023
The Reserve Bank of India (RBI) has imposed monetary penalties of Rs21.55 lakh on Dhani Loans and Services Ltd and Nido Home Finance Ltd, formerly Edelweiss Housing Finance Ltd, for violating various rules and regulations the banking regulator prescribes. Of the two non-banking financial companies (NBFCs), one is from Haryana and the other belongs to Mumbai.
 
The central bank imposed a Rs20 lakh penalty on Dhani Loans and Services from Haryana and Rs1.55 lakh on Nido Home Finance from Mumbai.
 
The monetary penalty was imposed on Nido Home Finance for non-compliance with specific provisions of the NBFCs- housing finance company directions. The NBFC failed to obtain prior written permission of RBI for change in its shareholding due to progressive increases over time, resulting in acquisition of shareholding beyond the permitted limit. Further, Dhani Loans and Services was non-compliant with certain provisions of RBI know-your-customer (KYC) Directions.  
 
RBI says, “Dhani Loans and Services has been penalised because of failure to take live photographs of customers capturing a water-mark in readable form having customer identification file (CIF) number, GPS coordinates, authorised official’s name, unique employee code assigned by RE and date and time stamp, while carrying out digital KYC, and failed to allot unique customer identification code (UCIC) to individual customers.” 
 
In both cases, RBI said penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement they entered into with their customers.
Comments
r_ashok41
9 months ago
Good to hear these issues being caught by sebi .Is it a deliberate act from nbfc or intentional.
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