New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    The Reserve Bank of India (RBI) imposed a monetary

    penalty on Poonawalla Fincorp Limited for which reason?
    A Non-compliance with RBI’s liquidity norms Correct Answer Incorrect Answer
    B Overcharging customers on loan interests Correct Answer Incorrect Answer
    C Non-compliance with the 'Fair Practices Code for NBFCs' Correct Answer Incorrect Answer
    D Misreporting financial data to RBI Correct Answer Incorrect Answer
    E Engaging in fraudulent activities Correct Answer Incorrect Answer

    Solution

    The RBI imposed a penalty of ₹10 lakh on Poonawalla Fincorp Limited, Pune, due to non-compliance with the 'Fair Practices Code for NBFCs,' specifically for charging interest on loans from dates prior to disbursal, which was against the terms communicated to customers.

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