The Reserve Bank of India (RBI) has taken regulatory action against L&T Finance Limited by imposing a monetary penalty of Rs 2.50 crore (Rupees Two crore Fifty lakh only) on the company.
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According to a press release issued by RBI, this action follows non-compliance with specific provisions of the Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016.
The penalty has been levied by the RBI under the relevant sections of the Reserve Bank of India Act, 1934.
