Question
RBI imposed a monetary penalty of ₹2.70 lakh on which
NBFC for non-compliance with its Internal Ombudsman directions?Solution
RBI fined Muthoot FinCorp ₹2.70 lakh under Sections 58G and 58B of the RBI Act, 1934, after inspection revealed it lacked an auto-escalation system for unresolved complaints—a violation of RBI’s internal grievance redressal norms. The penalty enforces compliance but does not question the institution’s financial soundness
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