Context:
The Reserve Bank of India (RBI) has imposed a monetary penalty of â‚ą1 lakh on Ayodhya Finlease Limited, an NBFC, for violating regulatory guidelines.
Key Highlights:
- Entity Penalized: Ayodhya Finlease Limited (NBFC).
- Reason for Penalty:
- Failure to obtain prior written RBI approval for a change in shareholding exceeding 26% of paid-up equity capital.
- Regulations Violated:
- NBFC Master Directions, 2016.
- NBFC Scale-Based Regulation Directions, 2023.
- Legal Provision Invoked:
- Section 58G(1)(b) read with Section 58B(5)(aa) of the RBI Act, 1934.
- Significance
- This action underscores RBI’s strict stance on ensuring compliance with NBFC regulations, particularly regarding ownership and control changes.
