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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Pakistan reports two more polio cases; Total tally now 52
ISLAMABAD: At least two more cases of poliovirus were reported in Pakistan, taking the number of infections to 52 so far this year, a report said on Friday.
“The Regional Reference Laboratory for Polio Eradication at the National Institute of Health has confirmed the detection of two more wild poliovirus type 1 (WPV1) cases in Pakistan," an official statement said.
The fresh infections — a boy and a girl — were reported from the Dera Ismail Khan district of Khyber-Pakhtunkhwa province.
“Genetic sequencing of the samples collected from the children is underway," the statement read. Dera Ismail Khan, one of the seven polio-endemic districts of southern Khyber Pakhtunkhwa province, has reported five polio cases so far this year.
Of the 52 cases in the country this year, 24 are from Balochistan, 13 from Sindh, 13 from Khyber Pakhtunkhwa, and one each from Punjab and Islamabad.
There is no cure for polio. Only multiple doses of the oral polio vaccine and completion of the routine vaccination schedule for all children under the age of five can keep them protected.
