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The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹20 lakh on Dhani Loans and Services Limited, Gurugram, Haryana, for non-compliance with certain provisions of the RBI (Know Your Customer) Directions, 2016. The penalty was levied under the provisions of the RBI Act, 1934. The action follows a scrutiny conducted by RBI into the company’s compliance with KYC norms. The examination revealed that Dhani Loans and Services Limited:
Failed to capture live photographs of customers during digital KYC with required watermarks, including CAF number, GPS coordinates, authorised official’s name, unique employee code, and date and time stamp. Did not allot Unique Customer Identification Codes (UCIC) to individual customers.
A notice was issued to the company, requesting it to show cause why the penalty should not be imposed. After considering the company’s response and additional submissions, RBI concluded that non-compliance was substantiated and warranted the monetary penalty.
The RBI clarified that this action is based solely on deficiencies in regulatory compliance and is not intended to question the validity of any transactions or agreements entered into by the company with its customers.
[RBI]