Guwahati: The Reserve Bank of India (RBI) has imposed a penalty of Rs. 10.40 lakh on Hewlett Packard Financial Services (India) Private Limited for failing to comply with various regulatory directives. These include the 'Reserve Bank of India [KYC] Directions, 2016,' 'Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016,' and the 'Master Direction - Information Technology Framework for the NBFC Sector.'
The penalty was imposed under the RBI Act, 1934, following a statutory inspection that revealed several compliance violations. The RBI issued a notice to the company, requesting an explanation for the lapses and why a penalty should not be enforced. After considering the company’s response and oral submissions, the RBI confirmed violations, including inadequate risk categorization reviews, lack of interest rate disclosures, and missing IT governance committees.
The RBI emphasized that the penalty was related to compliance issues and does not affect the legality of transactions or agreements made by the company.
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