RBI imposes Rs 28.30 lakh penalty on SG Finserve for non-compliance

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RBI imposes Rs 28.30 lakh penalty on SG Finserve for non-compliance - Business Standard

Quick Summary:

The Reserve Bank of India on Monday said it has imposed a penalty of Rs 28.30 lakh on SG Finserve Limited, formerly known as Moongipa Securities, for non-compliance with specific conditions under which the company was issued the Certificate of Registration (CoR).

The company's financial statements for FY23 revealed inter alia, non-compliance with the specific conditions of the CoR.

"The company had accepted public funds and extended loans in violation of the specific conditions of the CoR issued to it," the RBI said in a statement.