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RBI issues monetary fines to Hewlett Packard, and THESE 2 companies for KYC non-compliance | Mint

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The Reserve Bank of India (RBI) has imposed monetary penalties on three non-banking financial companies (NBFCs) for various regulatory lapses and non-compliance with RBI directives. Hewlett Packard Financial Services (India) Private Limited, SMFG India Credit Company Limited, and Muthoot Vehicle & Asset Finance Limited were the companies penalized. The penalties were issued between September 3 and September 11, 2024. The penalties were levied for non-compliance with Know Your Customer guidelines, Information Technology and cybersecurity guidelines, and liquidity risk management framework, among others. The penalties ranged from ₹7,90,000 to ₹23,10,000.