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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Trump suspends attacks as Iran agrees to two-week ceasefire
Washington/Tehran: A temporary pause in the ongoing conflict appears to be underway after the United States and Iran signalled a two-week ceasefire.
According to updates reported by Al Jazeera, Iran has agreed to a two-week ceasefire after US President Donald Trump said he would suspend attacks, subject to conditions including the reopening of the Strait of Hormuz.
The development came after Pakistan’s Prime Minister Shehbaz Sharif appealed to Trump to extend the deadline for a deal and urged Iran to fully reopen the key waterway.
In a related statement, Iran’s Foreign Minister Abbas Araghchi said Tehran would halt its defensive operations if attacks against the country are stopped.
Sharing a message on behalf of Iran’s Supreme National Security Council, Araghchi said, “if attacks against Iran are halted, our Powerful Armed Forces will cease their defensive operations.”
He also said that for a period of two weeks, safe passage through the Strait of Hormuz would be ensured through coordination with Iran’s armed forces, while noting there could be technical limitations.
The ceasefire announcement marks a significant pause in the conflict, though its continuation depends on both sides adhering to the conditions set out.
