Monetary penalty of ₹3.10 lakh (Rupees Three Lakh Ten Thousand only) imposed on CreditAccess Grameen Limited for non‑compliance with RBI Know Your Customer (KYC) Directions.
RBI’s statutory inspection covered the company’s financial position as on 31 Mar 2025; findings indicated the company failed to put in place robust software that throws alerts when transactions are inconsistent with risk categorisation and updated customer profiles.
The penalty was imposed under the powers conferred by section 58G(1)(b) read with section 58B(5)(aa) of the Reserve Bank of India Act, 1934.
RBI issued a show‑cause notice, considered the company’s reply and oral submissions during a personal hearing before sustaining the charge.
The action is based on deficiencies in regulatory compliance and is without prejudice to any other action that may be initiated by RBI against the company.
RBI clarified that the penalty does not pronounce upon the validity of any transaction or agreement entered into by the company with its customers.
