RBI imposes Rs 5 lakh penalty on Nissan Renault Financial Services India
Mumbai: The Reserve Bank of India has imposed a penalty of Rs 5 lakh on Chennai-based Nissan Renault Financial Services India Private Limited for non-compliance with the central bank's directions.
In a statement on Wednesday, RBI said the penalty has been imposed for non-compliance with its directions contained in Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 on Fair Practices Code for applicable NBFCs.
The statutory inspection of Nissan Renault Financial Services India with reference to its financial position as of March 31, 2019, revealed, inter alia, non-compliance with the RBI directions.
The apex bank said a notice was issued to the company advising it to show cause as to why penalty should not be imposed for failure to comply with the directions issued by it.
"After considering the company's reply to the notice and examination of additional documents provided by the company, RBI concluded that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty," it said.
According to the central bank, the action has been taken due to 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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India moving towards becoming global economic powerhouse: Kovind
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Amritsar (PTI): Former president Ram Nath Kovind on Friday said that with digital transformation, economic reforms and a strong focus on the ease of doing business, India is moving towards becoming a global economic powerhouse.
He was speaking after inaugurating the 19th edition of the Punjab International Trade Expo (PITEX) in Amritsar.
The former president said that this 19th edition of PITEX is being organised at a time when India is recognised as one of the fastest-growing large economies in the world.
Speaking at the inaugural ceremony of the event organised by the PHD Chamber of Commerce and Industry (PHDCCI) the former president, while referring to Punjab, said the state is a living example of courage, sacrifice and enterprise.
"The spiritual light of Sri Harmandir Sahib (Golden Temple) inspires peace and humanity across the world. The heritage of Punjab is deep and inspiring," Kovind said, according to a statement issued by the PITEX.
The former president congratulated the PHDCCI for hosting the 19th edition of PITEX and suggested that the chamber should expand PITEX outside Punjab.
He proposed that a similar event should also be held in New Delhi.
