RBI fines IIFL Finance ₹3.1L Appnit Technologies ₹5.8L for breaches
Business
The Reserve Bank of India just handed out fines to IIFL Finance (₹3.1 lakh) and Appnit Technologies (₹5.8 lakh) for not following key financial rules.
IIFL got in trouble for not returning extra money from gold auctions to borrowers, while Appnit slipped up on KYC checks and let e-KYC accounts run too long without proper ID updates.
Penalties do not affect customer transactions
RBI's inspections showed both companies ignored important compliance steps.
The good news: These penalties don't affect customers' existing deals or transactions.
RBI says moves like this are all about the stated compliance rationale and the non-judgment on customer transactions.