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RBI Imposes Fines on IOB and Mahindra & Mahindra Financial Services Limited for Non-Compliance

Kumari Sonali

RBI Imposes Fines on IOB and Mahindra & Mahindra Financial Services Limited for Non-Compliance:

The Reserve Bank of India (RBI) has imposed penalties on Indian Overseas Bank (IOB) and Mahindra & Mahindra Financial Services Limited (MMFSL) for violations of its compliance norms. These fines, stemming from RBI’s routine supervisory assessments, aim to reinforce adherence to guidelines related to loan practices, transparency in processing fees, and proper handling of collateral securities.

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